Magister Artium (Development Studies) - MA(DVS) / Cash transfers, integral in social protection, have increasingly been viewed as a viable measure of promoting human development outcomes in low and middle income countries in the face of persistent poverty exacerbated by the HIV/AIDS pandemic. Sub-Saharan Africa has been the worst hit by the HIV/AIDS pandemic with almost two thirds of the world’s HIV/AIDS patients living in the region. By 2005, 12 million children were orphaned by the disease while 2 million more below 15 years of age were estimated to be infected (UNICEF, 2005:2). To address the plight of orphans and vulnerable children in Kenya the government together with various international development agencies launched the Cash Transfer Programme for Orphans and Vulnerable Children (CT-OVC) in 2004 to provide for the basic needs of OVC and promote their human development. With the capability approach as its theoretical framework, this research seeks to determine the value attached by recipients of the CT-OVC to capabilities in the four broad dimensions of social life, health, education and play. It also seeks to gauge the extent of attainment of functionings in the four dimensions, and the association between participation in the programme and one’s functionings in the key dimensions. The research is conducted through a quasi-experimental design which compares recipients of the cash transfer to non-recipients and mixed methods are used to collect and analyse data. Results show that OVC consider capabilities in the dimensions of social life, education, health and play to be of high value in their lives. Children in the recipient group appear to have attained functionings in the four dimensions to a higher degree than their counterparts in the comparison group. There is also an association between participation in the CT-OVC programme and attainment of functionings in all four dimensions. Perceptions from participants explore further opportunities created or expanded through the CT-OVC as well as participants’ suggestions on the programme

In this research, I present the analysis of the relationship between credit rating and tax avoidance. I found out that the lower the cash effective tax rate the stronger the association with credit rating. Sensitivity analysis showed that the probability of falling into more favorable credit rating category is increases and the probability of falling into less favorable category decreases if cash effective tax rate increases at least by 1%. Also, the negative association between book-tax differences and credit rating found.

The object of this research was to determine the risks and the rewards of providing reverse factoring as a financing technology for small and mediumsized enterprises (SMEs) in South Africa. There have been a number of financing technologies provided to SMEs in South Africa and reverse factoring has not been taken advantage of. The financing technologies that have been offered range from trade credit, to collateralised loans, overdraft facilities, etc. Most if not all of these technologies are based on some form of security which is usually the SME’s immovable assets. This research project contributes to the body of knowledge that deals with SME finance. A survey was done to find out the views of SME owners, procurement managers, finance managers and financiers concerning the risks and rewards of providing reverse factoring to SMEs. Ten propositions were formulated. A qualitative research methodology, using semi-structured interviews was used to rate the risks and rewards associated with providing reverse factoring. The results showed that the rewards far outweigh the risks by a ratio of 1: 0.6. For reverse factoring as a financing technology this is positive and is worth pursuing. The risks of lack of collateral and the risk of fraudulent invoices are the most prevalent. A boost in economic activity in the SME space and the provision of much needed liquidity were the most noted rewards of providing reverse factoring to SMEs in South Africa. Copyright / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

The aim of this diploma thesis is to determine the market value of the company Svijany, a.s. as of 31. 12. 2014 using the discounted cash flow methods FCFF and FCFE. The purpose of valuation is for company owners. The thesis is divided into two main chapters. A theoretical chapter defines the concepts, reasons for valuation and the main processes and principles of valuation. A practical chapter applies the methods specified in theoretical part. The practical part contains strategic and financial analysis necessary to determine the future value of the company. As a next, the results of previous analyses are applied to identify value drivers and create financial plan. Finally, based on previous calculations it is possible to focus on valuation of the company using the discounted cash flow methods. In the end the individual methods of valuation are compared.

The aim of the graduation theses is to present the business valuation by using the concept of Income based valuation method - Discout Free Cash Flow To The Firm. The these consists of financial analysis, financial planning, valuation steps and phases.

The aim of this diploma thesis is to determine a market value of the Telefónica O2 Czech Republic, Inc. to 1.3.2009. Concerned with valuation I used methods of discounted cash flow with utilization of FCFF, the book value and direct market valuation. Everything with all current conditions. After theoretic parts and presentation of the company I tried to investigate and descibe all influence, that affect the company in terms of its environment. I evaluated political, economic, social and technological situation in the CR. Then I described situation in branch of telecommunication services - its characteristics, competion, suppliers, customers and others. After SWOT I analysed financial management of the company in terms of financial analysis and compared the company with its competitors. With utilization of preceding factors I made a financial plan for years 2008 - 2012. At the end of all methods of valuation I reached final valuation.

The goal of my thesis is to make financial analysis for management of the company since the year 2003 till 2007 and identify the main factors that affect the economical and financial situation of the company. The important is also to make suggestions that can help in the next progress of the company.

This thesis deals with selected aspects of financial management of transnational corporations and describes the impact of foreign exchange risk on these companies. The theoretic part of this thesis explains terms like cash pooling, netting and concerns the issue of transfer prices. Furthermore the principles of foreign exchange risk, transaction, economic and translation exposure are defined with focus on financial derivatives that serve as instruments for managing and hedging the risk. The practical part depicts the case study, in which the theoretical knowledge has been applied to a chosen international company.

The main target of this thesis is to determine the value of the company Povltavské mlékárny, a.s. The thesis is divided into two parts, theoretical and practical. There is described the basic steps of the valuation process and some methods in the theoretical part. In the practical part there are used these methods to determine the value of the company. For the valuation a discounted free cash flow to the equity method in two stage model was used.

Business valuation of micro trading company LIPOVICA trade s.r.o; main business activity of the company is selling and distribution of aluminum radiators on the markets in the Czech and Slovak republic. The valuation is based on discounted cash flows method, economic value added method, capitalization of profits method and simple liquidation method.