O objetivo desta pesquisa resume-se em investigar as implicações da adoção do padrão International Financial Reporting Standards (IFRS) no volume financeiro (valor total geral emitido) de debêntures emitidas pelas companhias brasileiras de capital aberto. Há o pressuposto de que a convergência às normas internacionais de contabilidade impacta na qualidade das informações contábeis divulgadas, portanto, a análise se concentrará em algumas características das debêntures atreladas às informações divulgadas ao mercado. As debêntures foram escolhidas para a investigação do problema proposto devido à expressiva evolução de emissões durante a última década, às vantagens frente a outros tipos de financiamento e por constituírem-se como principal instrumento de captação de longo prazo. A amostra foi elaborada pelas emissões constantes na base de dados do Sistema Nacional de Debêntures e por outras informações complementares localizadas nos sites da BM&FBOVESPA, da CVM, das agências de rating, das empresas emissoras de debêntures e da plataforma da Economática®. A pesquisa direciona-se, portanto, a analisar se houve maior volume financeiro de debêntures emitidas em três janelas temporais: janeiro de 2007 a dezembro de 2007 (período anterior à adoção das IFRS), janeiro de 2008 a dezembro de 2009 (período de adoção parcial das IFRS) e janeiro de 2010 a dezembro de 2013 (período de adoção obrigatória das IFRS). A análise será pautada pela inclusão da variável dependente sobre o volume financeiro; de três variáveis independentes referentes aos períodos de adoção anterior, parcial e obrigatório das IFRS; e das variáveis de controle rating, nível de governança corporativa, prazo, ativo, riscopaís, setor de atividade, e de dummies referentes à garantia das emissões e referentes à adoção voluntária das IFRS e à negociação de títulos em outros países pelas companhias emissoras. Como meio para a investigação do problema será utilizado o método estatístico de análise de dados em painel desemparelhado para analisar o impacto da convergência às IFRS no volume financeiro de debêntures emitidas. Os resultados do trabalho indicam que a adoção do padrão IFRS impactou no volume financeiro das debêntures emitidas pelas companhias de capital aberto brasileiras no período analisado. Foi verificada relação positiva e estatisticamente significante entre o volume financeiro emitido durante o período de adoção parcial e obrigatória das IFRS. Embora o impacto não tenha tido a mesma dimensão se comparado ao período de adoção parcial das normas internacionais, a tendência se manteve. Considera-se que a pesquisa contribui tanto para a literatura sobre os impactos do IFRS no mercado de debêntures, quanto para as empresas ao demonstrar as vantagens e a relevância das debêntures para o mercado de capitais brasileiro. / The aim of this research is summarized in investigating the implications of the adoption of International Financial Reporting Standards (IFRS) on the financial volume (total value issued) of debentures issued by Brazilian publicly traded companies. There is the assumption that convergence to the international accounting standards influences the quality of accounting information disclosed, therefore, the analysis will focus on some features of the debentures linked to the information disclosed to the market. The debentures were chosen for investigation of the proposed problem due to the significant growth of issuance over the last decade, the advantages over other types of financing and be constituted as the main tool for raising long term financing. The sample will be drawn up by found issuances located in the data basis of the National Debenture System and other additional information found in BM&FBOVESPA, CVM, rating agencies and debentures issuers websites and Economatica® platform. The research is directed, therefore, to examine whether there was a greater financial volume of debentures issued in three time windows: January 2007 to December 2007 (period before the adoption of IFRS), January 2008 to December 2009 (partial adoption period of the IFRS) and January 2010 to December 2013 (mandatory adoption period of IFRS). The analysis will be guided by the inclusion of the dependent variable on the financial volume; three independent variables related to the previous, partial and mandatory IFRS adoption periods; and control variables rating, corporate governance level, term, asset, country risk, sector of activity, and dummies variables related to the emissions warranty and related to the voluntary adoption of IFRS and to the trading of securities in other countries by the issuing companies. As a means to investigate the problem, will be used the statistical method of unbalanced panel data analysis to analyze the impact of convergence to IFRS on the financial volume of debentures. The results indicate that IFRS adoption impacted the financial volume of debentures issued by Brazilian publicly traded companies during the period. Positive and statistically significant relationship was found between the financial volume issued during the partial and mandatory period of IFRS adoption. Although the impact has not had the same dimension compared to the partial period of IFRS adoption, the trend continued. We believe that this research contributes both to the literature on the impact of IFRS on the debenture market, and for companies to demonstrate the advantages and relevance of the debentures for the Brazilian capital market.

Submitted by Bruno Mota Loyola (brunomobh@gmail.com) on 2013-02-28T21:39:48Z No. of bitstreams: 1 FUNDAÇÃO GETULIO VARGAS - Dissertação Bruno Loyola vs Final.pdf: 549268 bytes, checksum: 5f82f8ba8e84b9732b06f02d15386fc0 (MD5) / Rejected by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br), reason: Prezado Bruno, Tirar o nome da biblioteca da capa acrescentar o seu nome na capa(1). Seguir as normas da ABNT. Modelos de dissertações na biblioteca. Att. Suzi on 2013-02-28T22:46:07Z (GMT) / Submitted by Bruno Mota Loyola (brunomobh@gmail.com) on 2013-03-01T00:31:07Z No. of bitstreams: 1 FUNDAÇÃO GETULIO VARGAS - Dissertação Bruno LoyolaVSfinal2.pdf: 548969 bytes, checksum: edb8fd9730b4bab282389726b1e180b5 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-03-01T13:00:37Z (GMT) No. of bitstreams: 1 FUNDAÇÃO GETULIO VARGAS - Dissertação Bruno LoyolaVSfinal2.pdf: 548969 bytes, checksum: edb8fd9730b4bab282389726b1e180b5 (MD5) / Made available in DSpace on 2013-03-01T13:01:31Z (GMT). No. of bitstreams: 1 FUNDAÇÃO GETULIO VARGAS - Dissertação Bruno LoyolaVSfinal2.pdf: 548969 bytes, checksum: edb8fd9730b4bab282389726b1e180b5 (MD5) Previous issue date: 2013-01-31 / This article aims to demonstrate how derivatives management and foreign equity affect the cost of capital of companies, and so it will test the impacts on the WACC and TACC, Total Average Cost of Capital Using a database constructed with data from Economatica, as well as information drawn from the financial statements of companies, we estimated two models to explain what are the variables that could be impacting the cost of capital of companies. The first model explained what would impact the WACC (weighted average cost of capital), the second model explained the TACC (total average cost of capital) and the third model explained the difference between the WACC and TACC, when the difference was different than zero. For the WACC, the variable derivative demonstrates that companies with hedges used for protection purposes have reduced cost of capital, though the foreign variable that reflects the presence of foreign capital was not statistically significant. For the TACC the foreign capital variable was not statistically significant and derivative variable was not present. It is understood that this occurs because more conservative firms possess lower cost of capital. / O presente artigo tem por objetivo demonstrar como a gestão de derivativos e a participação de capital estrangeiro afetam o custo de capital das empresas. Para essa finalidade o trabalho irá testar como impactam nos custos de capital WACC (Weighted Average Cost of Capital) e TACC (Total Average Cost of Capital), ou custo de capital total. Utilizando uma base de dados construída com dados do Economatica, bem como informações retiradas dos demonstrativos financeiros das empresas, estimaram-se três modelos para explicar quais seriam as variáveis que poderiam impactar o custo de capital das empresas. No primeiro modelo explicou-se o WACC (custo de capital médio ponderado), no segundo, o TACC (custo de capital total) e, no terceiro modelo, explicou-se a diferença entre o WACC e o TACC, quando diferente de zero. No caso do WACC a variável de teste derivativo, que demonstra empresas que possuem hedges de proteção, reduz o custo de capital, entretanto a variável estrangeiro que reflete a presença de capital estrangeiro foi estatisticamente não significativa. Já para o TACC a variável de teste estrangeiro não foi estatisticamente significativa e a variável derivativo não esteve presente. Entende-se que isto ocorre pelo fato de empresas mais conservadoras possuírem menor custo de capital.

This thesis is focus on evaluation of the equity of the small company which is a producer of cosmetic. In theoretical part the procedure and methodic of evaluation are described. In the practical part the evaluated company is introduced and the strategic and financial analysis is made. Based on the result of the analysis the finical plan is drawn. As the bases method for evaluation I used the method of discounted free cash-flow to the equity (FCFE). Lastly I carried out a sensitivity analysis.

The thesis focuses on the ranking of ten largest companies in the Czech bakery industry. The ranking is made for the years 2012, 2013 and 2014 and it is based on the comprehensive evaluation methods, such as credibility models and spread (ROE - opportunity costs). Results are summarized in the conclusion. Marlenka international was evaluated as a company with the best financial situation.

This diploma thesis deals with the determination of the value of company Reda a.s. to 31.12.2019, by using income-based method. The first part of thesis defines the theoretical assumptions and procedure for determining the value of company. The analytical part contains a strategic analysis, financial analysis, prognosis of value generators and the compilation of a financial plan. At the end of the diploma thesis, the value of the company is determined using the discounted cash flow method.

The Master´s thesis deals with the selection of appropriate forms of financing reconstruction of real estate from external sources. In particular, it deals with the analysis and comparison of bids each bank loans. The essence of the thesis is to find an optimal variant of the external financing of reconstruction of real estate, including the evaluation of the implementation of the planned investment.

Le coût du capital est la pierre angulaire de la théorie financière. Pourtant,pour la forme d’organisation la plus ancienne et la plus répandue dans le monde qu’est l’entreprise familiale non cotée (EFNC), les modèles traditionnels d’estimation du coût du capital sont d’une très faible utilité. Ces modèles s’inscrivent, pour la plupart, dans le cadre de la théorie de l’utilité espérée. Ils ne considèrent que le risque de l’investissement et son lien avec la rentabilité espérée. La présente étude, contrairement à l’approche traditionnelle fondée sur la maximisation de la valeur de marché, adopte une approche comportementale fondée sur l’utilité, afin de pouvoir prendre en compte les spécificités qui caractérisent l’EFNC. Des modèles spécifiques de détermination du coût du capital sont développés puis testés sur 12043EFNC françaises. L’étude met particulièrement en évidence l’importance des motivations non financières, notamment celle de la pérennité, de l’indépendance financière et du métier de l’entreprise, dans la formation du coût du capital, et leurs impacts sur le comportement financier de l’EFNC. / The Unlisted Family Business (UFB) is the oldest and most widespread organizational form in the world. However, traditional models for estimating the cost of capital are interested only in large listed companies and do not not take into account the specificities of the UFB. Most of those models are constructed within the expected utility framework. They consider only the investment risk and its association with the expected return. This study, in contrast to the traditional approach based on market value maximization, adopts a behavioral approach based on utility, in order to take into account the specificities that characterize UFBs. Specific models for estimating the cost of capital are developed and tested. The study is based on a sample made up of 12,043 French UFBs from the Diane database covering a period of 8 years (2004-2011). It particularly highlights the importance of non-financial incentives, including that of long term survival, financial independence and the company's industry, in the formation of the cost of capital, and their impacts on the financial behavior of the UFB.

The most widely used Cost of Capital model is the Capital Asset Pricing Model. The Beta, Which is a key input into the model has proven to be unreliable and provides no correlation with systematic risk. As risk increases, so should the cost of capital of the firm. The Beta is a historic measure of risk and does not capture the future outlook of risk. The future of an organisation and its risk may look very different to the past and therefore the need to calculate the Cost of Capital of a firm based on the future outlook of the firm. The aim of this research was to analyse the different methodologies used to determine the Cost of Capital of a firm in order to determine which models are better ex ante predictor of Cost of Capital in the South African context. Regression analysis was used to make statistical inferences between the measure of risk used and the Cost of Capital model in question. The results of the research has shown that Market Capitalisation and Price to Book ratio are the best proxies for risk when comparing it with the ex ante Cost of Capital models. However, the Three Factor Pricing Model is shown to be the best Cost of Capital model to capture the future outlook of risk. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

The Co-Alignment Principle is a strategic management framework that guides value-added management. The model suggests that firms will perform successfully if they scan the environment for forces driving change and allocate their resources to industry-leading competitive methods that address environmental trends. When financing and managing a capital project, a firm's managers must think strategically and consider the "four pillars" of project valuation and management: (1) estimating future cash flows over the project's life cycle, (2) determining an appropriate cost of capital/rate of return, (3) assessing and managing operational and financial risk, and (4) investing in the appropriate materials and resources. The four pillars of project valuation and management act as a framework to guide this investigation on university conference center financing. The overall research question of this study asks how university officials make conference center investment decisions based on the four pillars of project valuation and management. To answer the research questions posed by this investigation, this study adopted a multiple case study approach, in which officials at five universities were interviewed about their universities' conference center projects. Interviews with two executive-level personnel at each university along with multiple sources of written documentation provided the basis for conclusions. Evidence from the data collection phase of this project indicates that universities follow similar procedures for financing their conference centers. For instance, they take advantage of low-cost, tax-exempt debt and private contributions to fund these capital projects. In addition, they place little emphasis on sensitivity analyses for cash flow projections and ignore the opportunity costs of capital. University conference center financing practices with respect to the four pillars of project valuation and management are not consistent with the recommendations set forth by traditional financial principles. This study concludes that universities should improve their strategic thinking and pay more attention to the four pillars in order to increase the viability of their conference center businesses. / Master of Science

The relevance of the study lies in the need to form a qualitatively effective composition of the Board of Directors to demonstrate high standards of corporate governance to potential investors and reduce the cost of capital raised. The foreign director in the Board serves as a positive marker for financial markets and is able to influence the cost of external sources of financing. Scientific novelty consists of 2 points: 1) for the first time, the relationship between foreign directors and the cost of capital raised is investigated (previously, the effect was only studied on the value of the company as a whole); 2) the author's index of the quality of work of the Board of Directors was created taking into account its composition and citizenship of members. The purpose of the study is to assess the impact of foreign members of the Board of Directors on the cost of raising capital by Russian companies. The sample consisted of 54 large traded companies, for three years from 2016 to 2018. Descriptive statistics showed that the share of foreign directors in the Boards of Directors of Russian companies increased over this period, as did the number of independent directors. The number of committees does not change (3-4 in the Board), nor does the percentage of women in the Board remain unchanged. To test research hypotheses, an econometric model with fixed effects was formed. Assessment showed that an increase in the value of the quality index of the board of directors by 0.1 points reduces the weighted average cost of capital by 1.47%. An increase in return on assets by 0.01% reduces the weighted average cost of capital by 0.02%. An increase in the MICEX Index growth rate of 0.01% reduces the weighted average cost of capital by 0.1%. Testing confirmed the positive influence of foreign members of the Board of Directors on the cost of external sources of financing for large traded Russian companies. / Актуальность исследования состоит в необходимости формирования качественно эффективного состава Совета Директоров для демонстрации высоких стандартов корпоративного управления потенциальным инвесторам и снижении стоимости привлеченного капитала. Иностранный директор в составе Совета служит позитивным маркером для финансовых рынков и способен влиять на стоимость внешних источников финансирования. Научная новизна заключается в 2-х пунктах: 1) впервые исследуется взаимосвязь иностранных директоров и стоимости привлеченного капитала (ранее исследовалось влияние только на стоимость компании в целом); 2) создан авторский индекс качества работы Совета Директоров с учетом его состава и гражданства членов. Цель исследования – оценка влияния иностранных членов Совета Директоров на стоимость привлечения капитала российскими компаниями. Выборку составили 54 крупные торгуемые компании, за три года с 2016 года по 2018 год. Описательная статистика показала, что доля иностранных директоров в Советах Директоров российских компаний за этот период увеличилась, как и число независимых директоров. Не изменяется число комитетов (3-4 в Совете), равно как и неизменной низкой остается доля женщин в совете. Для тестирования исследовательских гипотез была сформирована эконометрическая модель с фиксированными эффектами. Оценивание показало, что увеличение значения индекса качества совета директоров на 0,1 балла уменьшает средневзвешенную стоимость капитала на 1,47%. Увеличение рентабельности активов на 0,01% уменьшает средневзвешенную стоимость капитала на 0,02%. Увеличение темпа роста Индекса ММВБ на 0,01% уменьшает средневзвешенную стоимость капитала на 0,1%. Тестирование подтвердило наличие положительного влияния иностранных членов Совета Директоров на стоимость внешних источников финансирования для крупных торгуемых российских компаний.