[pt] Ao longo das últimas décadas, diversas medidas de avaliação e mensuração vêm sendo alvo de pesquisa com o objetivo de determinar sua utilidade e relevância na avaliação do desempenho operacional de empresas.Tendo sido substituída pela Demonstração de Fluxo de Caixa em 1987 nos Estados Unidos, a Demonstração das Origens e Aplicações de Recursos tem vindo a cair em desuso em diversos paises, onde o conceito de fluxo de recursos vem sendo substituído pelo conceito de fluxo de caixa. Para tal, contribui o fato que esta é mais informativa e melhor compreendida pelos usuários. No Brasil, o debate por semelhante substituição vem decorrendo à diversos anos. O EBITDA - Earnings Before Interest, Tax, Depreciation and Amortization é sem dúvida o fluxo de recursos operacionais mais em voga hoje em dia. Por possuir um método de cálculo simples, derivando da demonstração de resultados, o EBITDA é especialmente atrativo na divulgação de parâmetros operacionais, visto que tende a ser o mais otimista. O Fluxo de Caixa Operacional pelo método Fleuriet tem recebido grande interesse do meio acadêmico nos últimos anos. Possui grande poder explicativo em modelos de regressão múltipla, mas o seu cálculo envolve a efetuação de alterações nos ativos e passivos operacionais de curto prazo, onde existem ambigüidades de classificação. Talvez por isso seja pouco utilizado pelo meio empresarial. Este trabalho pretende analisar os comportamentos relativos de alguns fluxos de recursos operacionais. / [en] Over the past decades, several evaluation indices have been the targeted for study, the objective being the determination of usefulness and relevance when determining operational performance. Since its substitution by the Cashflow Statement in 1987 in the United States, the Statement of Changes in Financial Position has been gradually phased out in other countries, where the concept of resources has steadily given way to one of cash. Among other reasons, one particular being better informational content and possessing relative comprehension ease. In Brazil, the debate for such change has been occurring for the past several years. EBITDA - Earnings Before Interest, Tax, Depreciation and Amortization, is without a doubt one of the most recognizable operational resource flows in existence. Its calculation can be performed with relative ease from the Profit and Loss Statement and because it is especially optimistic when announcing operational results, EBITDA has gained great acceptance form the entrepreneurial world. The Operational Cashflow obtained by the Fleuriet Method has received great interest from academics over the past years. It possesses great explaining power in multiple regression models, but its calculation involves performing several changes in current assets and liabilities, where classification ambiguities are left to individual discretion. Perhaps this explains its low acceptance in the entrepreneurial world, where ready made indices, recognizable worldwide are demanded. This dissertation will analyze the relative behavior of some better known operational recourse flows.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-01-10T11:25:34Z No. of bitstreams: 1 Luís Gustavo Dias da Silva.pdf: 1501183 bytes, checksum: 2883c961e0b6a77584c644b46852d8c4 (MD5) / Made available in DSpace on 2017-01-10T11:25:34Z (GMT). No. of bitstreams: 1 Luís Gustavo Dias da Silva.pdf: 1501183 bytes, checksum: 2883c961e0b6a77584c644b46852d8c4 (MD5) Previous issue date: 2016-12-08 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / Since Brazil independence in 1822, it has always suffered from high indebtedness and periods of inflation and hyperinflation which after successive economic stabilization plans, has made the economy increasingly gloomy for companies in general. Only in 1994, with the Real Plan, the Brazilian economy has balanced with adequate inflation for developing countries. However, external shocks came with the Mexican, Asian and Russian financial crises. After five years of stabilization of inflation, in 1999, Brazil was obliged to abandon one of the pillars of support of the Real Plan: the exchange anchor. Thus, with the adoption of the macroeconomic tripod of "Inflation Targets", "Primary Surplus" and "Floating Exchange", Brazil has resumed GDP growth and controls inflation. At this moment, the Monetary Policy (Contractionary or Expansionist) has gained important role, mainly when the federal government has started to use the SELIC rate as basic interest parameter of the Brazilian economy and one of the strong formal instruments of control of inflation. The objective of this research has known (i) there are influence of Monetary Policy on the EBITDA’s performance of the companies listed on the São Paulo Stock Exchange and (ii) how long after the increase or decrease the SELIC Rate (Brazilian Monetary Policy), there is an impact on companies’ EBITDA. This research has been motivated by the relevance and timeliness of that topics because the SELIC rate to control the rise in inflation for reasons exogenous to the companies in general, has influenced the endogenous performance of these same companies, affecting one of the most important economic-financial-accounting: the EBITDA. The methodology has used, which included the development of a statistical and macroeconomic model own, has been regression in the data panel, with a detailed analysis of the 17 segments of companies in which the 314 companies surveyed have distributed. The results have indicated that there is influence of the Monetary Policy in the EBITDA of some sectors of companies with a three-month and a nine-month time span predominance, with relevant statistical significance. It has concluded that the unique and different moments in which the Monetary Policy is used by the monetary authority has influenced the operational performance of the companies, translated by the accounting-financial managerial indicator called EBITDA / O Brasil, desde a sua independência, em 1822, sempre sofreu com elevado endividamento e com períodos de inflação e hiperinflação que, após sucessivos planos econômicos de estabilização, tornavam a economia cada vez mais sombria para as empresas em geral. Somente em 1994, com o Plano Real, a economia brasileira foi equilibrada com uma inflação adequada para países em desenvolvimento. Entretanto, choques externos vieram com as crises financeiras mexicana, asiática e russa. Após cinco anos de estabilização da inflação, em 1999, viu-se obrigado a abandonar um dos pilares de sustentação do Plano Real: a âncora cambial. Com a adoção do tripé macroeconômico de “Metas de Inflação”, “Superávit Primário” e “Câmbio Flutuante”, o Brasil retoma o crescimento do PIB e controla a inflação. Nesse momento, a política monetária (contracionista ou expansionista) ganha importante e fundamental papel, principalmente quando o governo federal passa a usar a taxa no Selic como parâmetro de juros básicos da economia brasileira e um dos fortes instrumentos formais de controle de inflação. Desse modo, o objetivo desta pesquisa é verificar (i) qual a influência da política monetária no desempenho do Ebitda das empresas listadas na Bolsa de Valores de São Paulo e (ii) em quanto tempo, após a elevação ou diminuição da Taxa Selic (principal instrumento utilizado na política monetária brasileira) há impacto no Ebitda das empresas. Esta pesquisa foi motivada pela relevância e atualidade dos temas porque o manejo da taxa no Selic, para controlar a subida da inflação por motivos exógenos às empresas em geral, passa a influenciar a performance endógena dessas empresas, afetando um dos pontos econômico-financeiro-contábil mais relevantes: o Ebitda. A metodologia utilizada, que contou com o desenvolvimento de um modelo estatístico e macroeconômico próprio, foi a regressão para dados em painel, com a análise pormenorizada dos 17 segmentos de empresas em que foram distribuídas as 314 empresas pesquisadas. Os resultados obtidos indicam que há influência da política monetária no Ebitda de alguns setores de empresas com lapso temporal predominante de três meses e de nove meses, com significância estatística relevante. Concluiu-se que os singulares e diferentes momentos em que a política monetária é utilizada pela autoridade monetária influencia a performance operacional das empresas, traduzidas pelo indicador contábil-financeiro gerencial chamado Ebitda

The dissertation focuses on the creation of a new methodology of evaluation and remuneration for top managers in the environment of the Czech manufacturing industry. Based on a literature search, individual methods of evaluation and remuneration of this selected group of employees were defined. Due to the complexity of the issues addressed, it is also necessary to focus on the company's performance, which is monitored through the EBITDA indicator. This indicator is then the main pillar for the remuneration of managers. The methodology consists of two more pillars. The first is the macroeconomic indicator of gross domestic product, the second is the qualitative factor of the ethical aspect of the manager's work. The work aims to create a remuneration methodology that will be usable for the Czech environment, will combine the manager's remuneration with his performance and the performance of the company and could lead to a reduction in the cost of representation. The key to its creation was the acquisition of primary data through questionnaire surveys and pilot studies, which were evaluated by mathematical and statistical methods. The resulting methodology is applied to a specific company within the verification of the proposed methodology.

Background: In recent years, a record amount of people has turned towards various stock markets to invest in the boom that has been present since the financial crisis. To get the portfolio to be profitable or even more profitable than the market, is a goal that can be hard to achieve, where certain previous research proves that it is possible to outperform the market, while other research proves the opposite. A factor that refutes the individual’s ability to outperform the market is the human beings’ psychological behavior, which can cause irrational investment decisions. To circumvent the psychology behind investment decisions,several investment strategies have been formed throughout history, one of them being a multiple-strategy. Due to the rise in popularity of investing, it is of interest to analyze whether a multiple-strategy is successful in creating profitability.  Purpose: The purpose of the study is to analyze the multiples EV/S and EV/EBITDA as a multiple-strategy to observe which one generates the highest return for the companies on OMX Stockholm.  Methodology: With the aim of best achieving the purpose of the study, a quantitative method has been used with a deductive approach. With a selection of 251 companies through the period 2010-2019, eight portfolios have been created containing the 20 highest respectively the 20 lowest EV/S- or EV/EBITDA-multiples, with a holding period of either three or twelve months.  Results: The study shows that high EV/S- and EV/EBITDA-multiples as well as low EV/EBITDA-multiples successfully outperform the comparing index over a nine-year period. Low EV/S-multiples do not achieve the same performance. The portfolio with highEV/EBITDA-multiples with a holding period of three months yielded the highest return.

Bakgrund: I den lågräntemiljö som varit under senaste året har allt fler sökt sig till aktiemarknaden för att få avkastning på sina pengar. En teoretisk vattendelare är huruvida det är möjligt att överavkasta marknaden. Detta är ett område som studerats under en längre period där resultat mellan studier skiljer sig. Denna studie undersöker med utgångspunkt i multipelstrategi möjligheten att överavkasta marknadsindex på de nordiska aktiemarknaderna.  Syfte: Studien syftar till att undersöka möjligheten till att generera en överavkastning mot marknadsindex genom en multipelstrategi utifrån multiplarna P/E, P/B, EV/EBITDA samt EV/S på de nordiska aktiemarknaderna. Vidare kommer studien även att jämföra, analysera och diskutera skillnader mellan de olika aktiemarknaderna.  Metod: Studien har använt sig av en kvantitativforsknings ansats med ett deduktivt tillvägagångssätt. Under perioden 2011–2021 skapades 64 portföljer i på den svenska, norska, finska och danska marknaden med 16 i varje land, där de 20 högsta samt lägsta P/E, P/B, EV/S och EV/EBITDA delades in i portföljer och sedan viktades om var tredje och tolfte månad.  Resultat: Studiens resultat visar på att det var möjligt att överavkasta marknadsindex på de olika aktiemarknaderna, det finns dock ingen multipel som påvisar någon signifikans på samtliga marknader. Den portfölj som lyckades prestera bra över flera marknader var låga EV/EBITDA, men den uppvisar enbart signifikans på tre av fyra. Den portfölj som presterade bäst i varje land skiljer sig däremot från varandra. / Background: In the low-interest rate environment that has been in recent years, more and more people have sought out the stock market to gain a return on their money. A theoretical opinion separator is whether it is possible to outperform the market. This is an area that has been studied overa longer period, where results between studies differ. Based on a multiple strategy, this study investigates the possibility of outperforming market indices in the Nordic stock markets. Purpose: The purpose with this study is to see if there is a possibility to generate an excess return towards the market index through a multiple based strategy with P/E, P/B, EV/EBITDA and EV/S onthe Nordic stock markets. Furthermore, the study will compare, analyze and discuss the difference between the Nordic stock markets. Method: The study applies a quantitative method with a deductive approach. During the period 2011-2021 64 portfolios was created for Sweden, Norway, Finland and Denmark with 16 in each countrywith the 20 highest and lowest P/E, P/B, EV/S and EV/EBITDA and had a holding period of either three or twelve months. Results: The study result shows that it is possible to gain an excess return compared to the index in the different comparing markets, though there is not a single multiple that shows a statistic significance in every market. The portfolio that outperformed the index in all markets was EV/EBITDA, but only showed a significance in three out of four. The portfolio that outperformed the market most was different in each country.

Syfte: Syftet är att beskriva och analysera skillnaden mellan företagens finansiella prestation och utländska direktinvesteringar utifrån valda nyckeltal. Metod: Forskningen syftar till att vara objektiv och använda databasen Orbis för att mäta kvantitativa metoder och hålla sig inom den deduktiva ansatsen. Studien bygger också på en totalundersökning eftersom samtliga företag noterade på Nasdaq OMX Stockholms Small-Cap lista var inkluderade i studien. Detta möjliggjorde att slutsatser kunde dras då urvalet är representativt. Studien använder sig av sekundärdata utifrån databasen Orbis. Där en samling av uppgifterna är baserade på en tvärsnittsdesign. Statistisk analys av sekundärdata utfördes i form av deskriptiv statistik, korrelationstester samt Mann-Whitney U-tester. Empiri: Studien påvisar att utländska direktinvesteringar ökar ett företags finansiella prestationer inom variablerna Tobin’s Q, ROA samt helheten av ett företag till en mindre effekt, studien kan inte påvisa någon statistiskt säkerställd skillnad mellan ROE, EPS, EBITDA och utländska direktinvesteringar. Slutsats: Studien visar att utländska direktinvesteringar delvis har en positiv påverkan på de finansiella prestationer ett företag presterar. / Purpose: The purpose is to analyze and describe the difference between companies financial performance and foreign direct investments based on selected key figures. Method: The research aims to be objective, use the database Orbis to measure quantitative methods, and adhere to a deductive approach. The study is also based on a total survey because all companies listed on Nasdaq OMX Stockholm's Small-Cap list were included in the study. This enabled conclusions to be drawn as the sample is representative. The study uses secondary data based on the database Orbis. Where a collection of data is based on a cross-sectional design. Statistical analysis of the secondary data was performed in the form of descriptive statistics, correlation tests, and Mann-Whitney U-tests. Empirical: The study demonstrates that foreign direct investment increases a company's financial performance within the variables Tobin’s Q, ROA, and the whole of a company to a lesser effect, the study cannot demonstrate any statistically significant difference in the relationship between ROE, EPS, EBITDA, and foreign direct investment. Conclusion: The study shows that foreign direct investment positively impacts a company's financial performance.

There is a growing need for operators and providers in the Nigerian telecoms industry to drive down cost of capital assets or infrastructure deployed for telecom services. This has been expressed in recent times by many operators who now come, together , on basis of mutual, agreements , to consider sharing infrastructure. The telecom market in Nigeria is driven by growing demand for telecommunications services like voice, SMS, data services like internet, fax, etc as well as high broadband services like video calling, video messaging and video conferencing. This high demand from telecom users combined with the heated competition of a gradually maturing telecoms market in Nigeria has driven many telecoms operators to explore ways of reaching their potential customers in very cost efficient and cost effective ways, hence the need to reduce the cost of rolling out telecom infrastructure while at the same time achieving the numbers through effective network coverage. Also, the regulatory body in Nigeria,NCC( Nigeria Communications Commission) has also given its backing to this initiative by providing the legal and technical guidelines that would ensure fairplay and enhance fair competition. This study or research aims at exploring the value of infrastructure sharing as a means of achieving cost efficiency and revenue assurance. The research is based on a case study analysis of the current collocation arrangement between MTN Nigeria Ltd and Zain Nigeria Ltd. The study seeks to explore the benefits of the infrastructure sharing deal between these two companies as well as recommend an improved or enhanced framework or model to sustain this strategy model in the context of the Nigerian telecommunications industry. Based on a survey/interview of 20 respondents drawn from key departments involved in this sharing deal, the following conclusions were drawn. (1) That both operators have experienced significant reduction in their cost of CAPEX(capital expenditure) employed in network rollouts/deployments; (2) that passive infrastructure(network infrastructure sharing) has led to an improved cost efficiency in network deployments; (3) that infrastructure sharing has led to improved network based operational expenditure; (4) that passive infrastructure sharing has enabled operators achieve improved coverage and capacity; (5) that infrastructure sharing has had no negative impact on customer experience and quality of service; (6) that infrastructure sharing has led to improved service delivery by telecoms operators whereby captial gained or recouped has been invested in product innovations through better value added services to gain competitive advantage. The implications of these findings is that telecom infrastructure sharing serves as an effective business model for cost optimization and revenue generation for telecom operators in Nigeria and the rest of Africa. / +234-8032005495

Background and problem: The impact on the stock market of macroeconomic factors have been analyzed in several earlier studies. These are forces constantly changing and thereby they contribute to changing the supply and demand of stocks. The fact that macroeconomic variables have affected the top performing stocks of the OMXSPI during 2004 – 2018, in terms of performance, plays an important part of the study. Different authors have recognized different factors to affect the stock price development and there has not yet been established an explanation of the determinants of stock prices. Purpose: The purpose of the study was to identify the stocks that continuously have had a development superior to the OMXSPI, and therefore have contributed the most to the development of the OMXSPI during 2004 – 2018. Moreover, the study analyzes the drivers that have contributed to the performance of these stocks. Furthermore, the study clarifies which factors that have contributed to the development of the P/E and the EV/EBITDA of the top performers. Methodology: The study followed a quantitative and deductive approach. The Swedish stock market was analyzed with a focus on the OMXSPI were the top performing stocks of this index were identified through a screening process. Moreover, the top performers were put against the OMXSPI in different time periods to compare the performance. Furthermore, multiples of these top performers and the sectors which they trade in were calculated in order to compare the multiples to each other, with the purpose of analyzing them relative to each other in different time periods. Conclusion: From the findings it could be established very similar patterns between the top performers and the OMXSPI. The difference mainly being that the top performers in every sequence experienced a superior development than the OMXSPI, but also greater declines during short sequences. Moreover, the tables displayed remarkable returns of the top performers and the aggregated top performers traded at premium levels in all analyzed time periods.

Made available in DSpace on 2016-04-25T18:40:45Z (GMT). No. of bitstreams: 1 Katia Cenzi de Castro Orefice.pdf: 746913 bytes, checksum: a4c19f2649f07cac8a784e86aa118f1d (MD5) Previous issue date: 2010-05-17 / In order to conduct this study, it has been observed two facts in the companies routine and in the specific literature of Administration, Economics and Accounting areas: 1. The competition established between companies with the markets globalization, the utmost importance of speed and clarity in the interpretation of the information extracted from the Financial Statements and, consequently, the comparability of their results; 2. The concern of the accounting international agencies with the harmonization requirements on the accounting practices, consolidating, this way, the Accounting as the universal business language. According to the observed facts, it has been identified as the basic premise for this study to check whether there is effectively the possibility of performance comparison between companies from the EBITDA indicator. Focusing on this point, primarily it has been traced the accounting and economic meaning of the word Profit and, contiguously, the acts of the International Accounting standing up to the performance indicators standards. Afterwards, interested on the utilization of accounting information, it is presented a research over EBITDA, officially presented by the companies as a standard performance indicator, in order to identify whether its construction follows a pattern, providing exemption in its interpretation. The final conclusion is that this indicator, although many attempts have been made, is not homogenous and, in order to assure reliance on its analysis, it is necessary to recalculate it from the information provided by Financial Statements, the same way it is made in classical statement analysis / Para a realização deste trabalho observou-se duas realidades no cotidiano das empresas e na literatura específica das áreas de Administração, Economia e Contabilidade: 1. A competitividade estabelecida entre as empresas com a globalização da economia mundial, a premência pela rapidez e clareza na interpretação das informações contidas nas demonstrações financeiras e, por consequência, a comparabilidade de seus resultados; 2. A preocupação demonstrada pelos órgãos internacionais de Contabilidade com a necessidade de harmonização das práticas contábeis, consolidando, assim, a Contabilidade como linguagem universal dos negócios. Diante dos fatos observados, tem-se, como premissa básica do estudo, verificar se existe efetivamente a possibilidade de comparação de desempenho entre empresas a partir do indicador EBITDA. Com este enfoque são abordados, primeiramente, os significados contábeis e econômicos da palavra lucro e, contiguamente, a atuação da Contabilidade Internacional frente à padronização dos indicadores de desempenho. Em seguida, focando-se a utilização das informações contábeis, explora-se o indicador EBITDA, oficialmente divulgado pelas empresas como medida padronizada de desempenho operacional, a fim de identificar se sua construção segue sempre critérios determinados, de forma a garantir isenção em sua interpretação. Conclui-se que a base deste indicador, apesar das tentativas para sua padronização, não é homogênea, e que, para garantir acuracidade em sua análise, há que se fazer recálculos a partir das demonstrações financeiras publicadas, tal como é feito na análise clássica de balanços

Práca sa zaoberá problematikou financovania akvizícií metódou LBO. Popisuje podstatu financovania akvizície úverovou pákou, rozoberá motívy pre zrealizovanie LBO ako aj prínosy a možné riziká vyplývajúce z LBO transakcie. Práca charakterizuje úrovne a druhy akvizičného dlhu (Prioritný dlh, Mezanínový dlh) a popisuje celkový proces štrukturovania LBO transakcie. Rozoberá prístup banky k akvizičnému financovaniu a pojednáva o základných technikách financovania LBO prostredníctvom banky. Práca zahrňuje praktické príklady LBO transakcií a obsahuje vývoj na trhu LBO a trendy financovania LBO.