I och med införandet av IFRS år 2005 måste noterade koncernföretag numera årligen nedskrivningspröva goodwill istället för att göra avskrivningar, vilket tidigare varit tillåtet. De antaganden som ligger till grund för nedskrivningsprövningen baseras på företagsledningars uppskattningar av framtiden, vilket kan leda till subjektiva bedömningar. När IFRS infördes befann sig Sverige i en högkonjunktur, fram tills år 2008 då den globala finanskrisen uppstod och därav efterföljande lågkonjunktur. Då tidigare studier har visat att en finanskris kan leda till att företag behöver göra nedskrivningar på både finansiella och icke-finansiella tillgångar, vill författarna undersöka om finanskrisen 2008 påverkade företagens nedskrivningar av goodwill. Eftersom det finns skillnader mellan industribranschen och IT- och telekombranschen när det gäller redovisning av goodwill är det intressant att jämföra dessa branscher med varandra.Syftet med studien är att undersöka hur den senaste finanskrisen år 2008 påverkade företagens nedskrivningar av goodwill och antagandena vid nedskrivningsprövning, samt i vilken omfattning företag upplyste om nedskrivningarna före och efter finanskrisen för att se om det finns några signifikanta skillnader mellan industribranschen och IT- och telekombranschen. De företag som har ingått i undersökningen är företag som är noterade på Stockholmsbörsen. Genom en kvantitativ studie har författarna valt att granska årsredovisningar från 15 företag inom industribranschen och 15 företag inom IT- och telekombranschen för åren 2006, 2007, 2009 och 2010. Författarna har som forskningsmetod valt att använda sig av en kvantitativ innehållanalys samt utfört statistiska beräkningar. De parametrar som undersökts är upplysningar om goodwill, totala nedskrivningar, diskonteringsräntor, tillväxttakt och kassagenererande enheter.Det var endast en av studiens hypoteser som stämde och det var att diskonteringsräntorna före jämfört med efter finanskrisen skiljde sig signifikant mellan de två undersökta branscherna. En annan skillnad som var signifikant var industriföretagens totala nedskrivningar före och efter finanskrisen, där den branschens totala nedskrivningar ökade mellan de undersökta perioderna. Den genomsnittliga diskonteringsräntan inom IT- och telekombranschen ökade mellan de undersökta perioderna, vilket också konstaterades vara signifikant. Vidare visade studien att industribranschen redovisade mer omfattande upplysningar om goodwillnedskrivningar efter finanskrisen jämfört med perioden innan, till skillnad från IT-och telekombranschen som redovisade upplysningar om goodwillnedskrivningar i mindre omfattning efter finanskrisen. / IFRS 3 has had a big impact on how listed companies treat the recognition of goodwill. The underlying assumptions of the impairment tests are based on management’s estimates of the future, which could lead to subjective evaluations. When IFRS was introduced in 2005 Sweden was in a boom period, up until 2008 when the global financial crisis emerged and hence subsequent recession. A financial crisis may lead to the needs to make write-downs on both financial and non-financial assets. Therefore the authors want to examine in what way the financial crisis in 2008 affected companies' goodwill impairments. Since there are differences between the industrial sector and the IT and telecommunications sector in terms of accounting for goodwill, it is interesting to compare these sectors to examine if there are any significant differences.The purpose of the study is to examine how the recent financial crisis in 2008 affected companies' impairments of goodwill and assumptions in impairment testing, as well as the extent to which businesses disclosed about the impairment losses before and after the financial crisis to see if there are any significant differences between the industrial sector and the IT and telecommunications sector. The companies that are included in the study are companies that are listed on the Stockholm Stock Exchange. With a quantitative method, the authors have chosen to examine the annual reports of 15 companies in the industrial sector and 15 companies in the IT and telecommunications sector from the years 2006, 2007, 2009 and 2010. The authors have chosen as methods for the research a quantitative content analysis and performed statistical calculations. The parameters studied include disclosure on goodwill, total impairment losses, discount rates, growth rates and cash-generating units.It was only one of the study’s hypotheses that was correct. This hypothesis dealt with the discount rates before and after the financial crisis, were the study showed a significant difference between the IT and telecommunications sector and the industrial sector before the financial crisis compared to the period after the financial crisis. Another difference that was significant was the industrial sectors total impairment losses before and after the financial crisis, were the sector’s total impairment losses increased between the examined periods. The average discount rate in the IT and telecommunications sector increased between the examined periods and this difference was also considered to be significant. Furthermore, the study showed that the industrial sector had more extensive disclosure on goodwill impairments after the financial crisis compared with the previous period, unlike the IT and telecommunications sector that disclosed about goodwill impairments to a lesser extent after the financial crisis.This thesis is written in Swedish.

The discounted cash flow model and relative valuation models are ever-increasingly prevalent in today’s investment-heavy environment. In other words, theoretically inferior models are used in practice. It is this paradox that has lead us to compare the discounted cash flow model (DCFM), discounted dividend model (DDM), residual income-based model (RIVM) and the abnormal earnings growth model (AEGM) and their relative accuracy to observed stockprices. Adding to previous research, we investigate their performance in relation to the OMX30 index. What is more, we test how the performance of each model is affected by an extension of the forecast horizon. The study finds that AEGM outperforms the other models, both before and after extending the horizon. Our analysis was conducted by looking at accuracy, spread and the inherent speculative nature of each model. Taking all this into account, RIVM outperforms the other models. In this sense, one can question the rationale behind investor’s decision to primarily use the discounted cash flow model in equity valuation.

殖利率曲線為描述零息債卷的殖利率與其到期日間之關係，一般來說其形狀應為正斜率，而一旦殖利率曲線反轉而呈現負斜率時，許多人將之解讀為未來經濟即將走弱的訊號。本論文主要是以Probit Model呈現期間利差與重貼現率的預測能力，並將結果區分為樣本內與樣本外呈現。實證結果發現，與國外文獻比較起來，台灣殖利率曲線斜率捕捉景氣蕭條的能力遜色許多，可能與兩國在經濟體質或是央行政策執行依據上的不同有關。而相較於殖利率曲線的斜率，重貼現率對於台灣景氣的影響更為明顯，顯示出台灣的經濟深受央行政策影響。而不論是在樣本內或樣本外的結果方面，皆顯示期間利差搭配重貼現率的預測能力會較只有期間利差單一解釋變數時來的好。

Resumé The theme of my diploma thesis is tax discounts and tax benefits in the context of personal income tax. The area of income taxes, including the income tax of natural persons, is a topic relevant for all economically active people. That is why I found it very interesting to make a deeper insight into this topic and deal with one partial issue of taxation of personal income providing the taxpayers with an important opportunity to lower their calculated tax obligation. This opportunity is represented by the above- mentioned tax discounts. In the introduction of my thesis I had to characterize, concisely and at large, the system of taxation of personal income in the Czech Republic with respect to current legal provisions in force, as found in the Act on Personal Income Tax, and outline the basic construction elements of the personal income tax. I also mentioned the non-taxable parts of tax base that had been a sort of a predecessor to tax discounts and had later also become the theoretical starting point for the current form of tax discounts. Another feature of my thesis that I could not leave behind are the material changes due to recent tax reform provided for by the adoption of the Act on Stabilization of Public Budgets that substantially changed the system of taxation of income of natural persons in...

The diploma thesis deals with a determination of the market value of company Iveco Czech Republic, a.s. to date of 1st May, 2011 for the purpose of the purchase by an unknown investor. The theoretical part contains whole methodological apparatus which is subsequently applied in the practical part. The strategic analysis was divided into macro and micro analysis of the environment of the company. PEST analysis, Porter five forces analysis and SWOT analysis were used during the processing of the strategic analysis. The financial analysis rates the financial health of the company. The final part of thesis is focused on the prognosis of revenues, the compilation of the financial plan and valuation of the company. The valuation of the company was done by the book value method and the two-step DCF FCFF model. The market value of the company Iveco Czech Republic, a.s. and the recommendation for the investor are mentioned at the end of the thesis.

The master thesis deals with the appreciation of medical practice premises. Methods which are used, described and analyzed in the thesis, represent the standard expert methods for business valuation. These are supplemented by specific procedures used for determining the value of medical practices in particular. The work also describes the health care system of the Czech Republic, the methods and sources of payment for medical treatments, value generators in medical practices and basic procedures for identifying approximate value of medical practice, eventually of its goodwill. On practical example of medical practice there are described and applied also the scientific yield methods, which can derive the value of this type of business quite accurately. In the conclusion there are also discussed some currently used but not entirely accurate valuation processes.

Background: In an inefficient market, the intrinsic value of an asset may not be equal to its true market value. Therefore, before engaging in a stock transaction, both the seller and the buyer would want to know the intrinsic value of the stock as neither would want to lose money during the process. An effective valuation model enabling investors to efficiently determine firm values is therefore considered to be a crucial factor. Purpose: The purpose of this thesis is to analyze the free cash flow to equity (FCFE) approach and the dividend discount model (DDM) on 30 Swedish companies. This to conclude if they are considered to be accurate valuation models and to determine if one of the methods gives a more accurate estimation of the companies’ share prices than the other. Additionally, the report will examine if one model is preferred for a specific sector and if a payout ratio exists where the DDM generates a particularly realistic valuation. Method: A database will be produced to estimate share prices for each company using both the FCFE approach and the DDM over five consecutive years. The accuracy of the models will be evaluated by dividing the projected share prices with their corresponding actual stock prices to calculate the percentage deviations. The smaller the percentage deviation, the more accurate is the estimated share price considered to be. Conclusion: It is evident from the findings of this thesis that the FCFE approach and the DDM produce accurate valuations for Swedish companies. It is difficult to determine that one is preferred over the other altogether, instead the FCFE approach is preferred in some cases and the DDM in others. This depends on the companies’ actual stock prices, which industry the companies operate in and the amount the companies are assumed to pay out as dividends.

Made available in DSpace on 2016-07-27T14:21:38Z (GMT). No. of bitstreams: 1 Reginaldo Pedroso.pdf: 430869 bytes, checksum: a8bf7234236f302fa236cff6c8e57ee5 (MD5) Previous issue date: 2008-02-01 / In most of the time, people tend to describe frequency or probability of events with words instead of numbers. The description of an event with words may lead to misunderstanding its actual probability. These descriptions have been used in several psychological instruments, but there are no systematic investigations on how different individuals may be affected by them. The aim of present work was to estimate equivalent numerical probabilities to the chances to receive a probable hypothetical amount of money presented with nominal descriptions for 33 undergraduate students. The task consisted in choices between a large amount of money and small amounts, which was adjusted up and down. The experiment was divided in two phases: in one the chances to receive the large amount was presented with percentage (10% to 90%), and in the other, the chances were presented with words. A power function showed to be a better description of individual indifference values than a hyperbolic one. The free parameters calculated from linear regression obtained with numerical probabilities were used to estimate the equivalent probabilities to nominal descriptions. The results showed that both estimated probabilities and indifference values were variable among participants. Some differences came from conditions as well as adjusting exposition order. These results reinforce the necessity to use quantitative measures in psychological evaluation instruments, so it can be more sensitive to these differences. / Na maioria das vezes as pessoas tendem a descrever a freqüência ou probabilidade dos eventos do cotidiano através de descrições nominais. Descrever a ocorrência de um dado fenômeno de forma nominal pode levar a má compreensão do mesmo. Descrições como estas têm sido utilizadas em diversos instrumentos psicológicos, mas não há investigações sistemáticas de como elas afetam diferentes indivíduos. O objetivo do presente estudo foi estimar as probabilidades equivalentes a cinco descrições nominais das chances de ganho de uma quantia hipotética provável, com 33 estudantes universitários. A tarefa consistiu em escolher entre uma quantia maior provável e outra quantia menor certa que era aumentada e diminuída. O experimento foi dividido em duas fases: em uma era apresentada quantia provável com a descrição das chances de ganho apresentada numericamente através de porcentagem (10% a 90%) e, na outra fase, a descrição das chances de ganho da quantia provável foi descrita nominalmente (pouquíssimas chances, poucas chances, chances médias, muitas chances e muitíssimas chances). A partir dos dados obtidos na fase com descrição numérica das probabilidades, uma função potência se demonstrou mais adequada que a hipérbole na descrição das curvas de desconto probabilístico. Os dados das constantes da função potência foram utilizados para estimar as probabilidades equivalentes às descrições nominais para cada participante separadamente. Os resultados demonstraram que tanto as probabilidades estimadas quanto os valores de indiferença apresentaram uma grande variabilidade entre participantes. Diferenças foram encontradas quando comparadas as ordens de exposição, tanto das condições (numérica e nominal) quanto dos ajustes (ascendente e descente). Os presentes resultados reforçam a necessidade de se utilizar medidas quantitativas em instrumentos de avaliação psicológica que permitem uma avaliação mais clara dessas diferenças individuais.

O objetivo deste trabalho é estudar o aumento da efetividade das promoções monetárias sem a necessidade de aumento do desconto ofertado por elas. Para isso, foram analisadas como variáveis influenciadoras da eficácia das promoções a característica de auto-interpretação do indivíduo e sua percepção hedônica sobre o produto ofertado. Desta forma, realizou-se a replicação dos estudos de Barone e Roy (2010b) e Winterich, Mittal, Swaminathan (2014) que abordam dois tipos de promoção (inclusiva, focada em grupos, e exclusiva, focada no indivíduo), sua relação com a auto-interpretação de independência e interdependência do indivíduo e nível de relacionamento com a empresa. Em um primeiro experimento, os resultados foram ao encontro dos estudos analisados indicando que o tipo de promoção, a auto-interpretação e relacionamento anterior com a empresa interagem entre si e otimizam a resposta dos clientes às promoções. Estendendo-se os influenciadores desta relação, foi incluído o grau de percepção hedônica sobre o produto como variável e realizado um segundo experimento. Como resultado, produtos de maior percepção hedônica otimizaram ainda mais a performance de promoções inclusivas para indivíduos interdependentes. Já os experimentos 3 e 4 foram realizados para analisar o papel da percepção hedônica em conjunto com diferentes níveis de desconto ofertado, dada a influência comprovada no experimento 2 e embasamento teórico. A intenção dos dois últimos experimentos foi de identificar uma menor performance quando da oferta de descontos maiores para produtos de maior percepção hedônica. Entretanto, apenas foi encontrada uma interação entre as variáveis, sem ser possível identificar tendências de variações na performance das promoções. Assim, as comprovações obtidas neste trabalho mostraram que as promoções de vendas podem ser mais efetivas sem a necessidade de aumento da magnitude dos descontos ofertados, realizando-se a congruência entre perfil do indivíduo, percepção do produto e tipo de promoção com diferentes níveis de exclusividade. / The objective of this study is evaluate the increase of monetary promotions effectiveness without the need to increase the discount offered by them. It was analyzed as influencing variables of promotions´effectiveness the individual self-construal feature and hedonic perception of the product offered. Thus, the studies of Barone and Roy (2010b) and Winterich, Mittal and Swaminthan (2014), wich adressed two types of promotion (inclusive promotion, focused in groups, and exclusive promotion, focused in the individual) and their relation with the self-construal of Independence and interdependence of the individual were replicated. In a first experiment, the results were similar, indicating that the type of promotion and self-construal Interact and optimize customer response to promotions. Extending the influencers of this relationship, the degree of product´s hedonic perception was included as a variable and a second experiment was conducted. The products with greater hedonic perception optimized the performance of inclusive promotions for interdependent people. The third and fourth experiments were carried out to analyze the role of hedonic perception with different levels of discount offered, given the proven influence in the second experiment and the theoretical basis. The aim of the last two experiments was to identify a lower performance when a larger discount was offered to products with greater hedonic awareness. However, only an interaction between the variables was found, without been able to identify variable´s trends in the performance of the promotions. Thus, the evidence obtained in this work showed that sale promotions may be more effective performing the congruence between the individual´s profile, product awareness and promotion type with different levels of exclusivity, without the need to increase the magnitude of the discount offered.

Este trabalho descreve as práticas usuais dos avaliadores de ativos do mercado brasileiro ao estimar o valor do custo de capital próprio na composição da taxa de desconto dos fluxos de caixa a ser empregada no método do Fluxo de Caixa Descontado. O estudo consiste de duas etapas principais. Na primeira foi feito um delineamento descritivo, explicitando-se quais são os métodos utilizados na estimação do custo de capital próprio, e como são obtidos os parâmetros que alimentam esses métodos. Na segunda fase do trabalho, foram realizados testes de hipótese de relações entre variáveis pertinentes no processo de estimação da taxa de desconto do capital próprio, buscando entender as relações de causa e efeito dos fenômenos presentes no processo. Para que os objetivos desejados fossem alcançados nas fases citadas, foi realizado um levantamento de dados primários, no qual se obteve uma amostra de 93 avaliações realizadas entre 2002 e 2006, tendo sido a sua maioria, aproximadamente 70%, realizadas em 2006. Em seguida foi feito um tratamento estatístico dos dados levantados, utilizando-se o aplicativo SPSS versão 13.0, com o propósito de agrupar e quantificar os resultados obtidos e de estabelecer relações pertinentes entre as variáveis envolvidas no processo de estimação do custo do capital próprio. Ao final, os resultados atingidos mostram a predominância de duas metodologias distintas: o CAPM e o Método de Prêmios de Risco. Para cada um dos métodos observou-se um padrão predominante de determinação dos parâmetros que viabilizam a metodologia. Além disso, foi verificada a existência de um forte viés de posição do avaliador ao selecionar quais fatores de risco incluir na metodologia. Uma análise derradeira da formação da taxa de desconto mostrou a sua forte relação com o porte do ativo avaliado, o que ratifica o conceito já preconizado em diversas publicações sobre o assunto, de que o prêmio por porte do ativo avaliado é um fator a ser levado em consideração. / This work describes the usual practices of asset valuators in Brazilian Market when estimating the equity capital cost used to compose the cost of capital to discount future cash flows through the Discounted Cash Flow Method. The study consists of two main blocks. Firstly, a general guideline was constructed, explaining the principal methods used for equity cost estimation and how these methods? parameters are obtained. In the second phase of the study, hypothesis tests concerning relations among relevant variables of the process were carried out, searching to identify the cause-effect relations among the phenomena present in the process. So that the objectives were reached in the mentioned phases, a primary data survey was carried out, obtaining a sample of 93 valuations made between 2002 and 2006. About 70% of these valuations were appraised in 2006. Therefore, a statistic data analysis took place with use of SPSS 13.0 version, with the objective of grouping and quantifying the survey results and also set relevant relations among involved variables in the equity cost of capital estimation. In the end, the main results show a predominance of two distinct methodologies: CAPM and Build-up Models. For each of them it was possible to identify a predominant standard of parameter estimation. Besides that, it was possible to verify the existence of a strong position bias on the analyst part, when deciding which risk premia to consider in the model. A final analysis of the discount rate composition showed strong relation with the appraised asset size, which confirms the popular concept in many publications, that size premium is a risk factor to be taken into account when valuating assets.