Economics

Aim:  Optimize the usage of transactional emails, going beyond their communicative nature and combining it with marketing purposes. The project has been developed in collaboration with Incomedia, Italian software developer and vendor. Objective: Understand how Incomedia can exploit the benefits of transactional emails in a marketing perspective in order to increase the sales of its software. Limitation: The specificity of the topic, strictly related to Incomedia’s activities, products and consumers. Limits of time and variables tested with the A/B experiment. Theory/Methodology : It helped us to leverage the potential of transactional emails through the improvement of one particular element, the price discount offers. Due to the particularity of the software “medium-price” level, we have choose to do an A/B test experiment of the new transactional email by presenting the discount in two different ways: monetary and percentage terms. Result: The new transactional email, with the price discount, drove us to satisfactory results. The price discount expressed in percentage was better perceived and accepted by consumers; thanks to this, Incomedia during the experiment could highly increase its sales.

本研究以民國91年至民國96年期間辦理私募案之上(市)櫃公司為研究對象，探究私募折溢價與私募後經營績效及市場反應之關聯性。 本研究將私募樣本區分為溢價組與折價組，溢價組於私募前後之營運績效均如預期般表現比折價組好，且溢價組與折價組於私募後之營運績效表現有更顯著的差異。同時，溢價組於私募後展現正向的市場反應，折價組於私募後則呈現負向的市場反應。 企業價值與成長機會高度相關，而溢價發行企業之成長機會對企業價值之影響程度較折價發行企業高。折(溢)價幅度與私募後營運績效、累計異常報酬間呈負(正)相關，顯示折溢價幅度可能反映出私募企業未來成長與風險之訊息。 / This study examines the effects of price discount (premium) on performance and market reaction in private placement. Three main findings are as follows. After classifying the sample into two categories, premium and discount, this study finds that the operating performance of the premium group is better than that of the discount group both before and after the private placement. The difference is especially significant after the private placement. Furthermore, the premium group shows positive market reaction after private placement while the discount group negative. Firm value is highly related to growth opportunity, and the influence of growth opportunity on firm value of premium group is significantly higher than that of discount group. The results also show that the magnitude of price discount (premium) is negatively (positively) related to operating performance and cumulative abnormal return after private placement. This may indicate that the price discount (premium) reflects the signal of future growth and risk of the firm in private placement.

Thesis (doctoral)--Universität, Dortmund, 2004.

Thesis (M. Arch.)--Montana State University--Bozeman, 2007. / Typescript. Chairperson, Graduate Committee: Ralph Johnson. Includes bibliographical references.

A previdência complementar é um importante instrumento para a complementação de renda na aposentadoria e configura-se como benefício atrativo às carreiras que as provêm. Pela própria natureza, geralmente produz efeitos a longo prazo e demanda avaliação atuarial para a determinação da saúde financeira dos planos, utilizando-se, para tal, de premissas aderentes às características econômicas e biográficas da população alvo. A presente dissertação procura, a partir da premissa taxa de desconto, apresentar as variações da obrigação atuarial frente ao nível da taxa de juros, principalmente quando aplicada a um cenário de oscilação relevante desta última. Procura-se identificar a pertinência da variação de uma obrigação de longo prazo em virtude de uma premissa que varia no curto prazo. O estudo foca os reflexos nas patrocinadoras de benefícios pós-emprego com características de benefício definido de previdência privada fechada, conforme normativos emitidos pelo IASB (International Accounting Standards Board), CPC (Comitê de Pronunciamentos Contábeis) e CVM (Comissão de Valores Mobiliários). / The complementary pension is an important tool for supplementary income in retirement and appears as attractive benefit to careers that offer. Generally produces long-term effects and demand actuarial valuation to determine the financial health of the plans, using up to this end, economic assumptions and biographical characteristics of the target population. This dissertation seeks from the discount rate assumption, demonstrate the variations of actuarial liabilities against the level of interest rates, especially when applied to a relevant oscillation scenario. Seek to identify the relevance of changes in a long-term obligation by virtue of a premise that varies in the short term. The study focuses on the reflex in the sponsors of postemployment benefits with defined benefit characteristics of closed pension, conform regulations issued by the IASB (International Accounting Standards Board), CPC (Accounting Pronouncements Committee) and CVM (Brazilian Securities Commission).

A previdência complementar é um importante instrumento para a complementação de renda na aposentadoria e configura-se como benefício atrativo às carreiras que as provêm. Pela própria natureza, geralmente produz efeitos a longo prazo e demanda avaliação atuarial para a determinação da saúde financeira dos planos, utilizando-se, para tal, de premissas aderentes às características econômicas e biográficas da população alvo. A presente dissertação procura, a partir da premissa taxa de desconto, apresentar as variações da obrigação atuarial frente ao nível da taxa de juros, principalmente quando aplicada a um cenário de oscilação relevante desta última. Procura-se identificar a pertinência da variação de uma obrigação de longo prazo em virtude de uma premissa que varia no curto prazo. O estudo foca os reflexos nas patrocinadoras de benefícios pós-emprego com características de benefício definido de previdência privada fechada, conforme normativos emitidos pelo IASB (International Accounting Standards Board), CPC (Comitê de Pronunciamentos Contábeis) e CVM (Comissão de Valores Mobiliários). / The complementary pension is an important tool for supplementary income in retirement and appears as attractive benefit to careers that offer. Generally produces long-term effects and demand actuarial valuation to determine the financial health of the plans, using up to this end, economic assumptions and biographical characteristics of the target population. This dissertation seeks from the discount rate assumption, demonstrate the variations of actuarial liabilities against the level of interest rates, especially when applied to a relevant oscillation scenario. Seek to identify the relevance of changes in a long-term obligation by virtue of a premise that varies in the short term. The study focuses on the reflex in the sponsors of postemployment benefits with defined benefit characteristics of closed pension, conform regulations issued by the IASB (International Accounting Standards Board), CPC (Accounting Pronouncements Committee) and CVM (Brazilian Securities Commission).

A previdência complementar é um importante instrumento para a complementação de renda na aposentadoria e configura-se como benefício atrativo às carreiras que as provêm. Pela própria natureza, geralmente produz efeitos a longo prazo e demanda avaliação atuarial para a determinação da saúde financeira dos planos, utilizando-se, para tal, de premissas aderentes às características econômicas e biográficas da população alvo. A presente dissertação procura, a partir da premissa taxa de desconto, apresentar as variações da obrigação atuarial frente ao nível da taxa de juros, principalmente quando aplicada a um cenário de oscilação relevante desta última. Procura-se identificar a pertinência da variação de uma obrigação de longo prazo em virtude de uma premissa que varia no curto prazo. O estudo foca os reflexos nas patrocinadoras de benefícios pós-emprego com características de benefício definido de previdência privada fechada, conforme normativos emitidos pelo IASB (International Accounting Standards Board), CPC (Comitê de Pronunciamentos Contábeis) e CVM (Comissão de Valores Mobiliários). / The complementary pension is an important tool for supplementary income in retirement and appears as attractive benefit to careers that offer. Generally produces long-term effects and demand actuarial valuation to determine the financial health of the plans, using up to this end, economic assumptions and biographical characteristics of the target population. This dissertation seeks from the discount rate assumption, demonstrate the variations of actuarial liabilities against the level of interest rates, especially when applied to a relevant oscillation scenario. Seek to identify the relevance of changes in a long-term obligation by virtue of a premise that varies in the short term. The study focuses on the reflex in the sponsors of postemployment benefits with defined benefit characteristics of closed pension, conform regulations issued by the IASB (International Accounting Standards Board), CPC (Accounting Pronouncements Committee) and CVM (Brazilian Securities Commission).

[pt] Os tipos e magnitudes de prêmios e descontos nas avaliações de empresas são freqüentemente os maiores responsáveis pelas diferenças entre os valores encontrados pelas partes envolvidas em uma negociação. Os descontos principais são devidos à compra de participação minoritária, ao tamanho e à iliquidez da empresa. Evidências empíricas indicam que esses descontos são substanciais, geralmente bem maiores do que as pessoas imaginam até terem acesso à dados de mercado. O presente trabalho tenta avaliar a existência do efeito tamanho e do efeito controle nas transações de fusões e aquisições (F&A) de empresas de capital aberto no Brasil, utilizando-se como parâmetro o índice preço-lucro (P/L) das transações. A amostra utilizada nesta pesquisa contou com 91 transações de F&A no período compreendido entre janeiro de 1997 a julho de 2008. Neste trabalho, revelou-se que o desconto de tamanho no Brasil, da ordem de 44%, está em linha com estudos realizados na Argentina, da ordem de 50%. Entretanto, o desconto de tamanho foi constatado ser mais do que o dobro relatado pelo mesmo autor nos EUA, da ordem de 20%. Para o caso do efeito de controle, encontrou-se um prêmio da ordem de 187%, bem superior ao reportado em estudos nos EUA (cerca de 32%), ou daquele encontrado em estudo empírico na Argentina (39%), revelando o elevado valor atribuído ao acionista controlador nas empresas de capital aberto no Brasil. / [en] Evaluation of size discount and control premium in mergers and acquisition of companies in Brazil. The types and magnitudes of premiums and discounts on business valuations are often the cause for the differences between the values found by the parties involved in a negotiation. Main discounts are due to the purchase of minority interest, the size and illiquidity of the company. Empirical evidence indicates that these discounts are substantial, usually far greater than people realize until they have access to the market data. This paper tries to assess whether the effect size and effect control in the business of mergers and acquisitions (F&A) of publicly traded companies in Brazil, using as a parameter the price-earnings index (P/E) of transactions. The sample used in this survey had 91 transactions in F&A in the period from January 1997 to July 2008. This work revealed that the discount size in Brazil, around 44% is in line with studies conducted in Argentina, in the order of 50%. However, the discount size was found to be more than double that reported by the same author in the U.S., in the order of 20%. In the case of the effect of control, the premium found was approximately 187%, much higher than reported in studies in the U.S. (about 32%) or that found in empirical study in Argentina (39%), revealing the high value assigned to the controlling shareholder in publicly traded companies in Brazil

For the evaluation of mineral development projects, it is imperative to consider the risks involved in mineral exploration and development and to bear in mind that an adjustment for these risks is a common practice which implies raising the minimum discount rate. A company may for instance use different discount rates depending on the different risks involved so as to compensate for the variability of success. In determining a discount rate, an organization should follow this rule “The greater the risk, the higher the discount rate should be. The discount rate will have a great influence on the economic evaluation of mineral projects. All other factors used for calculating the NPV (Net Present Value) being equal, the project at hand may be accepted or rejected depending upon the discount rate, and the fluctuation of the NPV from positive to negative. It must be pointed out that the determination of the discount rate is the most difficult and vital aspect of “cash-flow analysis.” In practice however the discount rate is usually fixed by top management and then delegated to the respective departments responsible for actual economic evaluation of the investment alternatives. A major problem in determining the appropriate discount rate is that it effectively depends more on subjective perception of the degree of risk or other past experience factors than on a systematic approach. By using a risk-free rate of return, plus a subjectively determined risk premium, a discount rate may be developed, which is expected to compensate the investor for the extra risk involved. In practice the selection of risk-free rate of return is relatively simple. In most cases, the yield on government bonds, under non-inflationary conditions, is adopted as the risk-free rate of return. The real problem lies in the choice of the risk premium which must be adequately adapted to compensate for the additional risks associated with the investment under consideration. Consideration of proper conditions in respect of a specific project under economic evaluation should help to determine the risk premium. The risk premium should be entirely dependent on the risks influencing the mineral development project. All possible risks affecting a mineral development project under consideration should be taken into account, when determining an appropriate risk premium. This is a stupendous task and will imply a large number of risks, which will no doubt make the determination very difficult to tackle and use. Furthermore, there are naturally numerous difficulties in structuring an analysis with many factors, because it is complex and multi-faceted. In order to facilitate the implementation of the determination, there are usually a definite number of key risks to be observed. Risks, crucial for success of the mineral development project, are classified as follows: -- Technical risk - reserve, completion, production -- Economical risk – price, demand, foreign exchange -- Political risk – currency conversion, environment, tax, nationalization From the review of factors influencing the determination of discount rate carried out (Section 4), it is concluded that the quantitative methodology for discount rate should be a process of identifying potential factors (risks), analyzing factors to determine those that have the greatest impact on mineral development, and determining discount rate. It is therefore imperative to find a method whereby all mining risks, together with their probability and impact, and an understanding of the combined effect of all risks attached to the cash flow and the rate of return. Thus then a way of a procedure calculating risk scores is required. Existing knowledge should therefore be used optimally to determine discount rate. / Dissertation (MSc)--University of Pretoria, 2009. / Mining Engineering / unrestricted