Thesis (MComm (Business Management))--University of Stellenbosch, 2006. / For the last 40 years, academics advocated the use of the traditional Discounted Cash Flow (DCF) techniques but these suggestions were ignored by practitioners for a long time. The Net Present Value (NPV), Internal Rate of Return (IRR) and Present Value Payback Period (PVPP) are now some of the more widely used traditional DCF-based techniques, especially among large firms. However, academics are now criticising these techniques as they are based on rigid assumptions that ignore the management of flexibility in projects. The Real Option Valuation (ROV) is suggested as an alternative technique because it implicitly incorporates this flexibility in project valuation. With ROV, opportunities in projects are treated as real options and are therefore valued using financial option principles. Real options give the firm the opportunity to act on an investment project (invest, abandon, rescale) at a later date, when more information is available. As with the traditional DCF-based techniques in the past, few firms seem to have adopted ROV despite academics’ recommendations. This study is thus aimed at determining through a survey, whether the largest firms in South Africa, specifically those included in the JSE/FTSE Top 40 index, are using ROV. Based on the results of the survey, it is concluded that firms generally do not use ROV as only nine percent of the respondents were found to be using it. This is largely attributed to managers being unaware of the technique, and to some extent, to the technique’s complexity. On the other hand, managers were generally found to recognise the flexibility despite not using ROV, although it was not confirmed whether they quantify this flexibility.

Thesis (MPA (School of Public Management and Planning))--University of Stellenbosch, 2009. / This study was carried out to assess the extent of citizen participation in local government decision-making, with focus on the local government budgeting processes. A framework of participatory budgeting in Porto Alegre, Brazil is used to assess participation in budgeting in the Mantsopa Local Municipality in the Free State Province with a view to drawing appropriate lessons for South Africa as a whole. The research looks at three important concepts in governance. The first is the issue of good governance. The second is citizen participation and collaboration as cornerstones of good governance. The third is participatory budgeting as an aspect of citizen participation and collaborative decisionmaking. A multiple research approach was employed, which included the use of focus group discussions, and interviews to examine the level of citizen participation in local government decision-making process within the Mantsopa Municipality. Municipal documents and records were used to analyse the existing situation within the municipality. The research found out that the political and administrative elites are still holding on to power that should be in the hands of citizens. Civil society groups are still being neglected in local government decision-making. Citizens are also not being encouraged and mobilised to take part in the budget process. The issue of racial discrimination in engaging citizens in decision-making still exists. Mostly, the white business and farming community felt that they were largely excluded from these processes.

Thesis (PhD(Agric))--Stellenbosch University, 2012. / ENGLISH ABSTRACT: The energy paradigm shift from fossil fuels to renewable energy sources is driven, among others, by a growing sustainability awareness, necessitating more sophisticated measurements in terms of a wider range of criteria. Technical efficiency, financial profitability, environmental friendliness and social acceptance are some of the factors determining the sustainability of renewable energy systems. The resulting complexity and conflicting decision criteria, however, constitute major barriers to processing the information and decision-making based on the information. Seeking to implement local bioenergy systems, policymakers of the Cape Winelands District Municipality (CWDM), South Africa, are confronted with such a problem. Following a case study approach, this study illustrates how life-cycle assessment (LCA), multi-period budgeting (MPB) and geographic information systems (GIS) can aid the decision-making process by providing financial-economic, socio-economic and environmental friendliness performance data in a structured and transparent manner, allowing for a comparison of the magnitude of each considered criterion along the life-cycle. However, as the environmental impacts cannot readily be expressed in monetary terms on a cardinal scale, these considerations are given less attention or are omitted completely in a market economy. By measuring the various considerations on an ordinal scale and by attaching weights to them using the multi-criteria decision analysis (MCDA) approach, this study, illustrates how to internalise externalities as typical market failures, aiding policymakers of the CWDM to choose the most sustainable bioenergy system. Following the LCA approach, 37 lignocellulosic bioenergy systems, encompassing different combinations of type of harvesting and primary transport, type of pretreatment (comminution, drying, and fast pyrolysis) and location thereof (roadside or landing of the central conversion plant), type of secondary transport from the roadside to the central conversion plant, and type of biomass upgrading and conversion into electricity, were assessed against five financial-economic viability criteria, three socio-economic potential criteria and five environmental impact criteria. The quantitative performance data were then, as part of the MCDA process, translated into a standardised ‘common language’ of relative performance. An expert group attached weights to the considered criteria using the analytical hierarchy process (AHP). The ‘financial-economic viability’ main criterion received a weight of almost 60%, ‘socio-economic potential’, nearly 25% and ‘lowest environmental impact’, the remainder of around 16%. Taking the prerequisite of financial-economic viability into consideration, the preferred option across all areas of the CWDM (despite various levels of productivity) comprises a feller-buncher for harvesting, a forwarder for primary transportation, mobile comminution at the roadside, secondary transport in truck-container-trailer combinations and an integrated gasification system for the conversion into electricity. / AFRIKAANSE OPSOMMING: Die energie paradigma verandering van fossielbrandstowwe na hernubare energiebronne word gedryf deur ‘n groeiende klem op volhoubaarheid, wat ook meer gesofistikeerde meting in terme van ‘n wyer verskeidenheid maatstawwe vereis. Tegniese doeltreffendheid, finansiële winsgewendheid, omgewingsvriendelikheid en sosiale aanvaarbaarheid is sommige van die faktore wat die volhoubaarheid van hernubare energie stelsels bepaal. Die verskeidenheid oorwegings bring egter kompleksiteit en konflik mee by die verwerking van inligting en die besluitneming wat daarop berus. Beleidmakers van die Kaapse Wynland Distriksmunisipaliteit wat ten doel het om plaaslik bio-energie stelsels te implementeer, word met hierdie probleem gekonfronteer. Hierdie ondersoek illustreer aan die hand van ‘n gevallestudie benadering hoe lewensiklus analise, multiperiode begroting en geografiese inligtingstelsels besluitneming kan ondersteun deur die voorsiening van finansieel-ekonomiese, sosio-ekonomiese (indiensneming) en omgewingsvriendelikheid prestasie data op ‘n gestruktureerde en deursigtige wyse. Dit maak die vergelyking van die waardes van al die kriteria by elke fase van die lewensiklus moontlik. Aangesien die omgewingseffekte nie geredelik in monetêre terme op ‘n kardinale skaal gemeet kan word nie, kry hulle binne die markekonomie minder aandag of word selfs buite rekening gelaat. Deur hierdie verskeidenheid kriteria op ‘n ordinale skaal te meet en gewigte met behulp van multikriteria besluitneming aan hulle toe te ken, toon hierdie ondersoek hoe om eksternaliteite as tipiese markmislukkings te internaliseer om beleidmakers van die Kaapse Wynland Distriksmunisipaliteit in staat te stel om die mees volhoubare bio-energie stelsel te kies. Met behulp van lewensiklus analise is 37 lignosellulose bio-energie stelsels geïdentifiseer as verskillende kombinasies van oes van die bome, primêre vervoer van houtstompe, vooraf verwerking (verspaandering, droging, vinnige pirolise), die ligging van hierdie aktiwiteite (langs ‘n plantasie of by ‘n sentrale omsettingsaanleg), tipe sekondêre vervoer van houtspaanders vanaf die plantasie na die sentrale omsettingsaanleg en tipe biomassa opgradering en omsetting van die houtspaanders na elektrisiteit. Die verskillende stelsels is gemeet aan die hand van vyf finansieel-ekonomiese kriteria, drie indiensneming potensiaal kriteria en vyf omgewingsimpak kriteria. Die kwantitatiewe metings is deur middel van multikriteria besluitneming omgeskakel na ’n gestandaardiseerde “gemeenskaplike taal” van relatiewe prestasie. Lede van ‘n ekspertgroep het gewigte is aan die onderskeie kriteria met behulp van die analitiese hierargie proses toegeken. Aan die finansieel-ekonomiese lewensvatbaarheid hoof kriterium is ‘n gewig van by die 60% toegeken, aan die indiensnemingspotensiaal bykans 25% en aan omgewingsvriendelikheid sowat 16%. Die voorkeur kombinasie vir al die areas van die Kaapse Wynland Distriksmunisipaliteit sluit in ‘n saag-bondelaar vir die oesproses, ‘n plantasie-vragmotor vir primêre vervoer, mobiele verspaandering langs die plantasie, ‘n vragmotor-skeepshouer-treiler kombinasies vir die sekondêre vervoer van houtspaanders en ‘n geïntegreerde vergassingstelsel vir die omsetting van houtspaanders na elektrisiteit.

The goal of the graduation theses is to describe project management and taking advantage of management accounting as a support for this specific management. There is a significant difference between classic approach and project approach. We try to find and launch new way into the current state intuitively or to extend activities in classic approach, project approach demand clear and intelligible definition of the alternation. Advanced project management should be accustomed to complex definition of the customer need and at the same time with the cost reduction tool in production phase. Flexible planning, continuous monitoring and subsequent interpretation of particular phases of the project management is needed. Managerial accounting is able to come through with wide scale of specific tools which help and allow effectively react on daily basis, monitor development and subsequently interpret the project results. The graduation theses devotes calculation system and the usage of particular calculations in custom manufacturing. Business planning and budgeting is not omitted in connection with calculation system and project management. Extra attention is put on valuation options of semifinished contract or finished contract.

This thesis uses innovative approaches to analyse energy policy interventions aimed at enhancing the environmental sustainability of energy use as well as its consequential welfare implications. First, we examine the relationship between energy efficiency improvement and CO2 emissions at the macro level. We use the Index Decomposition Analysis to derive energy efficiency by separating out the impact of shifts in economic activity on energy intensity. We then employ econometric models to relate energy efficiency and CO2 emissions accounting for non-economic factors such as consumers lifestyle and attitudes. The applications for 13 OPEC and 30 OECD countries show that at the country-group and individual country level, increase in energy intensity for OPEC is associated with both deteriorations in energy efficiency and shifts towards energy-intensive activities. The model results suggest that the reduction in energy efficiency in general go in tandem with substantial increases in CO2 emissions. The decline in energy intensity for OECD can be attributed mainly to improvements in energy efficiency which is found to compensate for the impact on CO2 emissions of income changes. The results confirm the empirical relevance of energy efficiency improvements for the mitigation of CO2 emissions. The method developed in this chapter further enables the separate assessment of non-economic behavioural factors which according to the results exert a non-trivial influence on CO2 emissions. Secondly, having empirically confirmed the relationship between energy efficiency improvements and CO2 emission at the macro level in Chapter 2, we investigate potential underlying drivers of energy efficiency improvements taking into account potential asymmetric effects of energy price change in Chapter 3. This is crucial for designing effective and efficient policy measures that can promote energy efficiency. In addition to the Index Decomposition Analysis used to estimate the economy-wide energy efficiency in Chapter 2, we also use Stochastic Frontier Analysis and Data Envelop Analysis as alternative methods. The driving factors are examined using static and dynamic panel model methods that account for both observed and unobserved country heterogeneity. The application for 32 OECD countries shows that none of the three methods leads to correspondence in term of ranking between energy efficiency estimates and energy intensity at the country level corroborating the criticism that energy intensity is a poor proxy for energy efficiency. The panel-data regression results using the results of the three methods show similarities in the impacts of the determinants on the energy efficiency levels. Also, we find insignificant evidence of asymmetric effects of total energy price but there is proof of asymmetry using energy specific prices. Thirdly, in Chapter 4 we offer an improved understanding of the impacts to expect of abolishing fuel price subsidy on fuel consumption, and also of the welfare and distributional impacts at the household level. We develop a two-step approach for this purpose. Key aspect of the first step is a two-stage budgeting model to estimate various fuel types elasticities using micro-data. Relying on these estimates and the information on households expenditure shares for different commodities, the second step estimates the welfare (direct and indirect) and distributional impacts. The application for Nigeria emphasises the relevance of this approach. We find heterogeneous elasticities of fuel demand among household groups. The distributional impact of abolishing the kerosene subsidy shows a regressive welfare loss. Although we find a progressive loss for petrol, the loss gap between the low- and high-income groups is small relative to the loss gap from stopping kerosene subsidy, making the low-income groups to suffer a higher total welfare loss. Finally, from the highlighted results, we draw the following concluding remarks in chapter 5. Energy efficiency appears a key option to mitigate CO2 emissions but there is also a need for additional policies aiming for behavioural change; energy specific prices and allowing for asymmetry in analysing the changes in energy efficiency is more appropriate and informative in formulating reliable energy policies; the hypothesis that only the rich would be worse-off from fuel subsidy removal is rejected and the results further suggest that timing of the fuel subsidy removal would be crucial as a higher international oil price will lead to higher deregulated fuel price and consequently, larger welfare loss.

建立適當的資本投資決策，對於企業未來的發展具有深遠的影響。如何能擬定出適合的資本預算計畫，以增加公司的成長機會與競爭能力，便是當前重要的課題。本論文以三個階段探討企業投資歷程中所具有的實質選擇權評價：包括對於計畫案擬定之初期，進行投資機會價值評估的實質成長選擇權。以及針對投資計畫開始進行時，管理者所擁有的各種管理彈性，如遞延、擴張、縮減與暫停投資的決策彈性，進行多重實質選擇權的價值評估。最後，針對未能順利成功的計畫案，管理者擁有將其永遠放棄，以收回投資成本殘值的實質放棄選擇權價值進行評估。 　　對於第一階段的成長選擇權價值評估，本文已建立出同時考量標的資產與投資成本隨機變動，以及標的資產存在不連續跳躍特性下的選擇權評價封閉解，結果可用來評估計畫方案擬定初期的實質成長選擇權價值。若將評價模式中的參數進行限制，則本模型將會分別退化至Black and Scholes(1973), Merton(1976), Fischer(1978), Margrabe(1978), McDonald and Siegel(1985)等重要的選擇權評價文獻，可知本文已獲致較一般化的評價模型。 　　在第二階段的多重實質選擇權價值評估，本文採用Trigeorgis(1991)所建立的對數轉換二項評價模式，再加入跳躍模型的考量，以符合科技產業所具有的創新、競爭特性，期較能合理評估其價值，也獲得了較一般化的評價模式。再者，本文以模擬方式對於管理者在投資計畫的進行過程中所擁有的遞延、擴張、縮減以及暫停投資等彈性決策價值進行評估，以彰顯出利用實質選擇權評價方法進行彈性決策價值評估的必要性。由數值分析的結果得到，當多個實質選擇權同時存在時，其間將產生不同程度的交互作用，因此並不能直接將個別價值予以加總來求算整體的實質選擇權價值。不過，每項管理彈性的加入對於整體價值的增加皆具有正向貢獻。 　　對於第三階段的放棄選擇權價值評估，本文建立同時存在多項投資方案下的實質放棄選擇權評價模型，結果可用來評估研發計畫方案未能成功時的實質放棄選擇權價值。此外，本文進一步對於此評價模型進行數值分析，並將所得到的結果歸納如下：(1)方案間價值變動相關係數對於實質放棄選擇權價值的影響上，有相關係數越高時，實質放棄選擇權的價值就越高的現象。(2)殘值回收比率較高時，若採取較多的投資計畫方案，將可以獲致較高的實質放棄選擇權價值，此結果可作偽管理者在選擇備抵方案數目時的參考。(3)對於敏威性分析的探討，發現到當殘值增加、利率下降以及剩餘期間較長時，實質放棄選擇權的價值是增加的，此現象與賣權特性結果一致。 　　因此，本文針對企業投資歷程中所具有的實質選擇權評價進行深入探討，分別建立選擇權評價模型，也獲致了較以往模型更一般化的評價結果。並於各評價模型建構完成後，輔以數值模擬與敏感性分析，以進一步說明本文所建構模型之一般性與合理性。最後，希望此結果有助於日後企業對於投資價值評估時之參考，並可彌補此類研究文獻的不足。 / This dissertation presents three essays, each provides a general real option pricing model. In the first essay, we derive a generalized option pricing formula for the case of the underlying asset and exercise price both being driven by a mixture of continuous and jump diffusion processes. Our pricing model is a generalized version of Black and Scholes(1973), Merton(1976), Fischer(1978), Margrabe(1978), and McDonald-Siegel(l 985). And each of the historical model is shown to be a special case of ours. We then use the model developed in this article to evaluate real growth options where the underlying assets follow jump diffusion processes. The second essay develops a multi-option pricing model incorporating jump characteristics. The model we provide here can be used to value various types of flexibilities, including the option to defer, the option to shut down, the option to contract, and the option to expand. Based on our numerical results, we find that the model can deal with the interactions among these options. The third essay considers an abandonment option on the maximizing value of several investment projects. Here we develop a model to evaluate R&D projects that may not be accomplished. We show that both Black-Scholes's model and Stuiz's model are special cases of ours under certain restrictions on parameters. From the simulation results, we find a positive relation between the correlation of project value changes and the value of the real abandonment options. Furthermore, our simulation results show that the higher the percentage of recovering salvage value, the more number of investment projects should be carried out. The result we find can help managers to choose the better backup projects. Our sensitivity analysis shows that the value of the real abandonment options increase when the riskless interest rate decreases, and at the same time the salvage value and the time to maturity increase.

Die Sächsische Landesbibliothek – Staats- und Universitätsbibliothek Dresden stellt sich für die Zukunft auf. Dazu zählt in besonderem Maße die Weiterentwicklung der betriebsorganisatorischen Rahmenbedingungen. Sie sind Voraussetzung für ein dauerhaftes erfolgreiches Agieren des Hauses auf hoch dynamischen Informations- und Wissensmärkten. Unterstützung erhält die Bibliothek dabei vom Sächsischen Landtag, der sich im Januar – einem Antrag der Regierungsfraktionen folgend – einstimmig zur Zukunft der SLUB in der Spitzengruppe der deutschen Bibliotheken und zu dafür notwendigen Anpassungen der Organisations- und Rechtsform bekannt hatte (vgl. BIS 2011/1, S. 9 – 11). Die Staatsministerien für Wissenschaft und Kunst (SMWK) und für Finanzen (SMF) gestalten diesen Prozess aktiv mit.

Unanticipated economic fluctuations exert pressure on state governments to adjust their discretionary fiscal policies to accommodate the changing fiscal situation. Even though states adjust fiscal policy as the economy fluctuates, the typical cyclical economic factors are not the sole determinant of such adjustments. State governments budgeting systems in the United States operate under a variety of budgetary institutions. The most prominent state government budgetary institutions include balanced budget rules (BBRs), tax and expenditure limits (TELs), and supermajority voting requirements for tax increases. This dissertation examines how these budgetary institutions affect state government choices of fiscal policy under different economic conditions. To better understand the effect of state level TELs, a stringency index of state level TEL is constructed considering the major structural features. The fixed-effect panel regressions are used for the analysis of impact of TEL and BBR and tax changes and the fixed-effect Tobit is adopted to test the impact of TEL and BBR on spending cuts after the budget is adopted. The result suggests that TEL plays a more important role affecting states discretionary fiscal adjustment from the tax side, while BBR plays a more important role affecting states discretionary fiscal adjustment from the expenditure side. Results of this research show that TEL exerts pressure on states that hinder state ability to deal with volatile fiscal situations, especially in the case of periods of budget crises.

The five essays in this dissertation are all concerned with how commodity price uncertainty affects the valuation of real and financial assets.  Focusing on the stochastic process approximating the price process of the commodity, a time-inhomogeneous mean reverting process is suggested and used in the valuation of a pulp mill.  Also an analytic approximation and a parameter estimation procedure to a stochastic volatility option-pricing model are developed.  Generally, the large valuation differences and hedging errors that occur for different assumptions about the price process indicate the importance of an appropriately specified price process.  The dissertation provides examples of this. The question of whether commodity prices are mean reverting or follow a random walk is also studied.  Using a large database with close to 300 different commodities, econometric tests favour a random walk.  There are very few exceptions.  However, when applied to an option pricing model, the time-inhomogeneous mean reverting process gives smaller hedging errors than the traditional Black-Scholes model based on a random walk.  The results are therefore inconclusive, although mean reversion seems more predominant than econometric tests reveal. / Diss. Stockholm : Handelshögskolan, 2003

Submitted by Gustavo Gomes (gustavolascasas@gmail.com) on 2014-02-18T13:08:24Z No. of bitstreams: 2 Redesenhando o estado no ??mbito municipal principais contribui????es do or??amento participativo de BH.pdf: 1421977 bytes, checksum: 8d92a4af28b68f8f45d872918af7cdc1 (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) / Approved for entry into archive by Roger Guedes (roger.guedes@fjp.mg.gov.br) on 2014-02-18T18:25:27Z (GMT) No. of bitstreams: 2 Redesenhando o estado no ??mbito municipal principais contribui????es do or??amento participativo de BH.pdf: 1421977 bytes, checksum: 8d92a4af28b68f8f45d872918af7cdc1 (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) / Made available in DSpace on 2014-02-18T18:25:27Z (GMT). No. of bitstreams: 2 Redesenhando o estado no ??mbito municipal principais contribui????es do or??amento participativo de BH.pdf: 1421977 bytes, checksum: 8d92a4af28b68f8f45d872918af7cdc1 (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Previous issue date: 2000-12 / Funda????o Jo??o Pinheiro / A sociedade, frente a um mundo em constante transforma????o, marcado por novidades tecnol??gicas e por fatos que produzem impactos importantes nos processos econ??micos, pol??ticos e sociais, exige um Estado redesenhado, com novo perfil, apto a enfrentar desafios e a lidar com situa????es in??ditas, com r??pidas e profundas mudan??as estruturais, descentralizado e mais perme??vel ?? sua participa????o e controle. Nesse sentido, in??meras experi??ncias t??m sido propostas e implementadas. O Or??amento Participativo ?? uma dessas propostas inovadoras de gest??o p??blica experimentada no Brasil e fundada num modelo de Estado que caminha nessa dire????o. A partir de estudos realizados sobre este tema, levantamentos, an??lises e interpreta????o de instrumentos normativos, pesquisa documental e algumas estrevistas, procurou-se estudar as principais contribui????es do Or??amento Participativo para o redesenho do Estado no ??mbito municipal, tomando como refer??ncia o caso de Belo Horizonte. Esta pesquisa revela a significativa contribui????o dessa experi??ncia concreta no munic??pio para o estabelecimento de um padr??o democr??tico e transparente no relacionamento Estado ??? sociedade civil no n??vel local, para a moderniza????o e o aprimoramento das ag??ncias p??blicas e para a revaloriza????o do processo de planejamento governamental neste seu ??mbito. Aponta, tamb??m, a import??ncia do Or??amento Participativo para o incremento da responsabilidade fiscal e sua contribui????o enquanto instrumento para uma maior racionalidade do processo alocativo dos recursos p??blicos. Destaca, por fim, a relev??ncia da exist??ncia de estruturas administrativas descentralizadas que permitam ampliar a proximidade da administra????o p??blica com a comunidade e oferecer um maior controle p??blico sobre as a????es do governo. / Governo e Pol??tica