[pt] Com o aumento de pequenos investidores no mercado secundário de ações do Brasil, a informação pública ganha cada vez mais peso sobre as expectativas e, conseqüentemente, sobre o valor de determinados papéis negociados neste mercado. Neste contexto, um estudo de eventos pode identificar irregularidades geradas pela imperfeição da disseminação das informações, e seus efeitos no mercado acionário. Este trabalho analisa, através de um estudo de eventos, o impacto de artigos publicados na capa do jornal Valor Econômico sobre a valorização das ações das empresas abordadas. Foi utilizada a comparação das valorizações dos papéis anti e post factum, visando identificar desvios que provem ou não a força das informações publicadas. / [en] With the increase in the number of small investors in the Brazilian stock market, public information increases its influence over expectations and, consequently, over the value of determined stocks traded in this market. In this context, an event study can identify irregularities caused by imperfections in the dissemination of information, and their effects on the stock market. This project analyzes, using an event study, the impact of articles published on the front page of the Valor Econômico newspaper on the value of the stocks involved in those articles. The comparison of the returns of those stocks before and after the event was performed, aiming at identifying biases that could demonstrate or not the strength of the information issued.

The dissertation focuses on the valuation of human assets for the purpose of business valuation. The introduction section contains, among others, search of knowledge about the human capital valuation including an identification of "empty spaces" in the business valuation theory in connection with the valuation of human assets. The main aim of the dissertation is the theoretical and experimental development of selected "empty spaces" which were divided into two levels - direct (separate) valuation of human assets and indirect (implicite) valuation of human assets through enterprise valuation methods DCF and EVA. The theoretical section includes a treatise on the status of human assets (human capital) within the intellectual capital and the absence of human assets in the financial statements which are coming to the conclusion that human assets should be incorporated as a separate item in net operating assets of the enterprise in DCF and EVA valuation methods. The dissertation analyzes various definitions of human capital and subsequently on the basis of specific design requirements derives definition of human assets for the purposes of business valuation. The experimental section provides descriptions and analyzes of available methods/models for human assets (human capital) valuation. Subsequently, the derived modified income approach valuation for the direct valuation of human assets includes proposals for an allocation of revenues attributable to human assets, an incorporation of the quality element of human assets assessment to a forecast of future revenues which are attributable to human assets and the specific discount rate for human assets. In the framework of indirect valuation of human assets (in DCF and EVA methods), the attention is aimed to a design of variant options of financial value of human assets incorporation into the net operating assets (among others, these part also contains a proposal of a theoretical basis for determining of human assets market value) and adjustments of economic reports: net operatig assets (NOA) and net operating profit after tax (NOPAT). The variant incorporation of human assets into the NOA is analysed especially for the purpose of finding out changes in the distribution of the enterprise value between NOA and market value added and changes in the profitability of the invested capital compared to the situation when no financial value of human assets is incorporated into the NOA. The final section is focused to a proposal of recommendations for human assets valuation. The recommendations include a part for the direct valuation of human assets (cost and revenue approach) and the indirect valuation of human assets through DCF and EVA valuation methods.

The aim of the thesis is valuation of the domain name heureka.cz on the date 1.7.2010. The thesis consists of strategic analysis, financial analysis, analysis and prognosis of generators of value and financial plan. The value of the domain name is determined by the excess earnings method and as additional method is used residual method based on DCF equity and market coparison.

一、研究目的：本研究擬透過對歐美保險先進國家的評鑑制度的了解和現 行制度之問題分析，規劃出預警制度的設立藍圖，希望藉此促保險主管機 關能儘速建立一套完整的預警制度。二、研究內容：第一章為研究緒論， 提出本研究之研究動機、目的、範圍、研究大綱。第二章為保險業清償能 力之探討，說明清償能力之函意與其重要性，並概要指出影響壽險業清償 能力之主要原因。第三章探討歐美保險先進國家的預景模式，包括美國Ｎ ＡＩＣ的保險監理資訊系統，美國貝斯特評價制度和ＩＳＩ國際清償能力 報告。第四章為我國現行清償能力標準之規定和現行制度所面臨得問題。 第五章為探討預警制度之設立所應思考之問題及規劃方向。第六章為結論 。

The diploma thesis focuses on comparing the accounting treatment and reporting of intangible assets in accordance with rules in the CR and IFRS. This thesis is concentrated on finding significant differences. A practical example shows the form of intangible assets in practice a few selected companies from different sectors.

nÃo hà / Segundo Jensen (1968), a indÃstria de fundos mÃtuos de investimento, cuja expansÃo està prevista teoricamente pelo Teorema da SeparaÃÃo enunciado em Sharpe (1964), teria limitaÃÃes no sentido de bater o mercado em termos de performance risco-retorno mensurada pelo alfa de Jensen. Nesta ampla discussÃo, esta dissertaÃÃo se posiciona em sugerir um exercÃcio empÃrico aplicado a um cross-section contendo 243 fundos de investimentos em aÃÃes, categoria Ibovespa Ativo, o qual visa identificar que variÃveis financeiras, contÃbeis e administrativas se mostram capazes de prever no ano seguinte o sinal e a significÃncia do alfa de Jensen. Foram extraÃdos retornos diÃrios para todos os fundos nos anos de 2011 e 2012, e calculadas mÃtricas clÃssicas de retorno, risco e performance, bem como os 24 balancetes mensais e informaÃÃes administrativas do perÃodo em questÃo. Metodologicamente, as variÃveis explicativas consistem em estatÃsticas descritivas obtidas a partir de dados financeiros diÃrios e contÃbeis mensais, enquanto as performances a serem modeladas sÃo estimadas por meio do Capital Asset Pricing Model (CAPM). Dessa maneira, foi possÃvel ordenar os fundos em trÃs grupos, composto por Loosers, Draw e Winners, de acordo com suas performances em relaÃÃo ao Ãndice Ibovespa. Sendo assim, foi identificado que apenas 71 dos fundos foram capazes de performar melhor que o Ãndice Ibovespa durante o ano de 2012. Os resultados obtidos com a estimaÃÃo do arcabouÃo de Probit ordenado sugerem que fundos com maiores performances mensuradas pelos alfa de Jensen e Ãndices de Calmar e Sortino, associados a menores taxas de administraÃÃo, tendem a bater o mercado no ano seguinte. Entretanto, mÃtricas clÃssicas como desvio-padrÃo, taxa de performance e Ãndice de Sharpe (1964) nÃo se mostraram significantes. O modelo sugere, tambÃm, que a variÃvel Drawdown seja apresentada como mÃtrica eficiente de mensuraÃÃo de risco. / According to Jensen (1968), the mutual funds industry expansion is theoretically predicted by the Separation Theorem stated by Sharpe (1964), however with limitations in order to exceed the market in terms of risk-return performance measured by Jensen's alpha. In this broad discussion, this dissertation suggest an empirical exercise applied to a cross-section containing 243 stock funds, within the Ibovespa Active category, which aims to identify which financial, accounting and administrative variables are capable to predict the next year's value and the significance of the Jensen's alpha. Daily returns were extracted for all funds in 2011 and 2012, and were calculated classic metrics such as return, risk and performance. There were also extracted 24 monthly accounting balances and administrative informations for the period in question. Methodologically, the explanatory variables consist of descriptive statistics obtained from daily financial data and monthly accounting data, while the performances to be modeled are estimated using the Capital Asset Pricing Model (CAPM). Using this technic it was possible divide the funds into three groups, consisting of Loosers, Draw and Winners, according to their performances in relation to the Ibovespa index. Thus, it was discovered that only 71 funds were able to perform better than the Ibovespa Index during the year 2012. The estimation results of the ordered probit framework suggests that funds with higher performances measured by the Jensen's Alpha and with higher Sortino and Calmar ratios, associated with lower management fees tend to surpass the market in the next year. However, classical metrics like standard deviation, performance fees and Sharpe ratio (1964) were not significant. The model also suggests that the drawdown variable should be used as an efficient risk metric.

At the current level of the world and Russian economy development industrial enterprises can get important advantages due to the effective formation and use of intangible resources which have a significant impact on the activities of these enterprises. The purpose of the thesis is to assess the impact of intangible assets on the industrial complex enterprises activities. The information and empirical base of the research was based on legislative acts and regulations governing commercial organizations and enterprises accounting of intangible assets, normative acts, monographic research, periodical materials, international accounting and reporting standards, guidelines, scientific works and publications of foreign and domestic economists, official statistic data of the intangible assets use by commercial organizations, reporting documents of the investigated industrial enterprise. Domestic and foreign literary sources analysis shows the unified approaches absence to the study of the problems of accounting and valuation of industrial enterprises intangible assets. Therefore, in the course of writing the master’s thesis the author’s definition of “intangible assets” was given, the classification of industrial enterprises intangible assets was clarified, and a multifactor model for evaluating the industrial enterprise’s activities results taking into account the influence of various factors including intangible assets considered and not accounted for was developed. This multifactor model which was tested on research enterprise will help to give not only an assessment of the degree of these factors impact, but also allow for a predictive check of changes in the results of the enterprise’s activity under various development scenarios. / При современном уровне развития мировой и российской экономики промышленные предприятия могут получить существенные преимущества за счет эффективного формирования и применения нематериальных ресурсов, которые оказывают значительное влияние на деятельность этих предприятий. Целью диссертационной работы является оценка влияния нематериальных активов на результаты деятельности предприятий промышленного комплекса. Информационно-эмпирическая база исследования основывалась на законодательных актах и положениях, регламентирующих коммерческие организации и ведение бухгалтерского учета нематериальных активов предприятиями, нормативных актах, монографических исследованиях, материалах периодической печати, международных стандартах учета и отчетности, методических рекомендациях, научных трудах и публикациях зарубежных и отечественных экономистов, официальных статистических данных об использовании нематериальных активов коммерческими субъектами, отчетных документах исследуемого промышленного предприятия. Анализ отечественных и зарубежных литературных источников показывает отсутствие единых подходов в изучении проблематики учета и оценки нематериальных активов промышленных предприятий. Поэтому в ходе написания магистерской диссертации дано авторское определение «нематериальные активы», уточнена классификация нематериальных активов промышленных предприятий, а также разработана многофакторная модель оценки результатов деятельности промышленного предприятия с учетом влияния различных факторов, в том числе учитываемых и не учитываемых в балансе нематериальных активов. Данная многофакторная модель, которая была апробирована на исследуемом предприятии, поможет дать не только оценку степени воздействия этих факторов, но также позволит провести прогнозную проверку изменения результатов деятельности предприятия при различных сценариях развития.

This diploma thesis focuses on the tangible fixed assets of the accounting and tax perspective. The analysis of the first part of this thesis proceeds in basic theoretical and legislative framework, both in Czech and international perspective. There is also analyzed the cycle of tangible fixed assets, which is dealt with in detail their acquisition, use and disposal. In the practical part there are selected facts, which took place at the company engaged in property lease and tangible assets directly related. These facts are then commented on accounting and tax perspective.