基於不動產具有昂貴、耐久、不可移動等其他資產所沒有優點與特性，在眾多投資標的中，不動產投資仍為重要選項之一。 近年來隨著法令的開發、經營模式日益複雜，不動產產業之產品更趨向多元化，不動產產業投資業者的業務方向由以往著重的「開發出售」逐步轉為「經營管理」，使得不動產產業投資分析所扮演的角色越形重要，很可惜的，我們檢視國內外不動產發展歷程，雖然產品本質不斷轉變，不動產給予人們投機之印象似乎仍深印腦海 本研究希望藉由分析不動產產業投資環境之各參與部門與主要產品，以瞭解不動產產業投資關聯性，並據以挑選出具代表性樣本，在深入解構樣本代表的投資決策模式分析並整理出實務上所出現的主要課題，提出具體解決建議。 本文基於上述研究，提出修正的不動產產業投資決策模式，以因應不同投資可能面臨的風險，據以擬定最適決策。 修正之決策模式認為應特別著重於 1、策略面之思考： 強調企業不動產策略與企業整體策略/願景連結，依企業策略進行自有資源最有效利用之規劃，與資深管理階層溝通企業價值、界定核心競爭力，協調整合內部需求，並尋求適當之外部資源，串連整合企業不動產理論技能與實務經驗之落差，以建構最適宜內、外部資源整合體系，使企業不動產之執行能有效落實於組織之運行。 2、投資決策準則之建立： 評估針對每一投資案，建立投資決策準則，綜合評估(1)企業發展目標(2)企業不動產策略(3)投資決策指標(4)法規限制條件(5)區域發展趨勢(6)市場可行性(7)投資效益(8)資金規劃(9)開發時程(10)經營管理等項目。 3、投資後管理之作業 「投資決策分析準則」應能在經營後，以相同之基準做為「績效評估指標」。企業亦應建立持續性、系統化的資料管理系統，以提供持續、即時之企業不動產資訊及分析成果；特別是追蹤企業不動產執行時所需之成本以及是否滿足企業不動產目標/期望並且定期提出報告給管理階層，同時對於其它投資案(含不動產及其它投資案)進行標竿比較。

Les investisseurs n’exploitent pas toujours toute l’information disponible lorsqu’ils prennent des décisions, en raison à la fois d’une surabondance de l’information et de capacités cognitives limitées. Le premier essai de cette thèse montre que les sociétés tirent parti de l’inattention des investisseurs en communiquant plus ou moins longtemps à l’avance la date à laquelle aura lieu les annonces de résultats. Des résultats positifs sont notifiés très en amont tandis que des résultats décevants font l’objet d’un délai de notification plus court. Le second essai traite de la visibilité internationale des sociétés et étudie l’impact d’une communication en anglais via des canaux de diffusion à grande échelle. Cette diffusion plus large augmente l’attention des investisseurs et les informations contenues dans les annonces de résultat sont plus rapidement intégrées dans le prix des titres. Le troisième essai traite des conséquences d’une visibilité accrue des sociétés sur leur politique d’investissement. Une diffusion élargie des informations financières améliore à la fois l’environnement informationnel des sociétés et l’efficacité de leur politique d’investissement. / Investors often fail to incorporate all relevant information when they make decisions. This is a consequence of both information overload and investors’ limited cognitive abilities. The first essay shows that firms take advantage of investors’ inattention by managing the advance notice period of earnings announcements. Firms notify the date of positive earnings announcement several weeks in advance while disappointing earnings are notified at late notice. The second essay deals with firms’ international visibility and studies how communicating on English-speaking wire services impacts investors’ attention. Higher dissemination of news increases investors’ attention and improves the incorporation of information into stock prices. The third essay deals with the effects of firms’ visibility on investment policy. It shows that higher dissemination of disclosures improves firms’ informational environment and investment efficiency.

Submitted by Vicente Ferreira (vicentemferreira@yahoo.com.br) on 2014-12-10T17:16:54Z No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2015-01-19T15:19:01Z (GMT) No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-01-30T13:39:04Z (GMT) No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) / Made available in DSpace on 2015-01-30T13:39:26Z (GMT). No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) Previous issue date: 2014-10-31 / Corporate governance has been in the spotlight for the past two decades, being subject of numerous researches all over the world. Governance is pictured as a broad and diverse theme, evolving through different routes to form distinct systems. This scenario together with 2 types of agency problems (investor vs. management and minorities vs. controlling shareholders) produce different definitions for governance. Usually, studies investigate whether corporate governance structures influence firm performance, and company valuation. This approach implies investors can identify those impacts and later take them into consideration when making investment decisions. However, behavioral finance theory shows that not always investors take rational decisions, and therefore the modus operandi of those professionals needs to be understood. So, this research aimed to investigate to what extent Brazilian corporate governance standards and practices influence the investment decision-making process of equity markets' professionals from the sell-side and buy-side. This exploratory study was carried out through qualitative and quantitative approaches. In the qualitative phase, 8 practitioners were interviewed and 3 dimensions emerged: understanding, pertinence and practice. Based on the interviews’ findings, a questionnaire was formulated and distributed to buy-siders and sell-siders that cover Brazilian stocks. 117 respondents from all over the world contributed to the study. The data obtained were analyzed through structural equation modeling and descriptive statistics. The 3 dimensions became 5 constructs: definition (institutionalized governance, informal governance), pertinence (relevance), practice (valuation process, structured governance assessment) The results of this thesis suggest there is no definitive answer, as the extent to which governance will influence an investment decision process will depend on a number of circumstances which compose the context. The only certainty is the need to present a 'corporate governance behavior', rather than simply establishing rules and regulations at firm and country level.

This work discusses about issues of investment decision, which is crucial for every business. The aim of this thesis was to evaluate the effectiveness of selected investment project. To assess the potential of this investment, was necessary to assess the current status, whether the enterprise has enough resources to finance this intensive investment. Whether the project is not associated with an increase in the financial risk of the company. Then were identified revenues and expeditures of the project.It was finally in the evaluation of the effectiveness of investments carried out an analysis of the risk of the project.

The aim of the thesis is to evaluate the effectiveness of ABC's investment project using selected methods of economic evaluation of the investment effectiveness and another aim of the thesis is to select the optimal variant of financing the investment project with a view to minimizing costs. Given that it is a manufacturing company, the calculation of products X and Y based on the data provided by the company is used as the basis for determining the future income from the investment project. The calculation is based on the actual production capacity of the machine. The prediction of revenue and expenditure is based on a 4% year-on-year increase. Expenditure also includes costs related to the use of foreign capital, as the use of the INFA modelwhich is used in this work to calculate the discount raterequires a cash flow adjustment to the equity method. When establishing the cash flow, a direct method based on a revenue and expenditure plan was used. Due to the planned expenses for the production machine insurance and credit repayments, these items are also taken into account in the cash flow. The other aim is to select a method of financing the investment project with a view to minimizing costs. The company does not have sufficiently high equity capital that could be used to finance the investment project, which is why drawing of a business loan and the possibility of financing through finance leases are proposed as ways of securing financing. The proposed financing methods and their valuation, taking into account the minimization of costs, are based on the discounted business loan and finance lease expense method.

O presente trabalho tem por objetivo analisar a relação entre aspectos de governança corporativa e restrição financeira nas decisões de investimento de 500 firmas brasileiras de capital aberto no período de 1997 a 2007. Embora exista uma extensa literatura a respeito da decisão de investimento na presença da restrição financeira, estudos que relacionam este tema com aspectos de governança corporativa são ainda pouco explorados e inexistentes na literatura brasileira. Para examinar como os mecanismos de governança corporativa influenciam no grau de restrição financeira das firmas, utilizou-se do modelo probabilístico logit para dados em painel, estimado por efeito aleatório O relacionamento dos mecanismos de governança corporativa com a decisão de investimento das firmas na presença de restrição financeira foi analisado por meio de uma versão modificada do modelo acelerador do investimento, considerando três agrupamentos: índice KZ, tamanho das firmas e pagamento de dividendos. Na estimação, utilizou-se o método dos momentos generalizados (GMM) para considerar o aspecto dinâmico e corrigir o problema da endogeneidade do modelo. A análise da amostra indicou uma alta incidência da propriedade concentrada das firmas brasileiras, principalmente entre as firmas com natureza familiar. Os resultados mostraram que firmas com qualquer natureza de propriedade e controle elevam a sua probabilidade de restrição financeira quando o maior acionista último é o acionista controlador da firma, muito embora, a natureza do acionista controlador impacte a taxa de investimento das firmas de maneiras distintas. Firmas com estrutura de propriedade piramidal elevam sua probabilidade de restrição financeira. Este resultado combinado com a estimação do modelo de investimento evidencia que apenas pertencer a uma estrutura de propriedade piramidal não é suficiente para que haja transferência de recursos que aumentem os investimentos das firmas. O impacto da inserção da firma a um dos níveis diferenciados de governança corporativa da BM&FBOVESPA ou ao Novo Mercado sobre a taxa de investimento está relacionado com a situação financeira da firma. O aumento nos direitos de fluxo de caixa dos maiores acionistas últimos contribui para reduzir a sensibilidade do investimento ao fluxo de caixa, sendo que, o mesmo não foi observado para o aumento nos seus direitos de voto. / This study aims to investigate the relationship between aspects of corporate governance and financial constraints on investment decisions of 500 Brazilian public traded firms over the period of 1997-2007. Although studies of financial constraints and investment decisions are extensive in literature, its relationship with aspects of governance is little explored and inexistent for Brazilian economy. To examine how aspects of corporate governance influences the likelihood of firm\'s financial constraints, it was used the logit probabilistic model to panel data estimated by random effect. The relationship between corporate governance mechanisms and investment decisions on firm\'s financial constraints was analyzed by a modified version of accelerator investment model, considering three groups: KZ index, firm\'s size and dividends payout. In the estimation, it was used the generalized moments method (GMM) to consider the dynamic aspect and to correct the endogeneity problem in the model. The sample analysis indicated a high incidence of concentrated ownership among Brazilian firms, mainly in family firms. The results showed that firms with any type of ownership and control raises their likelihood of financial constraint when the largest ultimate shareholder is the controller of the firm, although the nature of the controlling shareholder impacts investment rate of firms in different ways. Pyramidal ownership firms also raise the likelihood of financial constraint. This result combined to results of investment model evidences that only belong to pyramidal ownership structure is not sufficient to have transfer of resources that raises the firm\'s investment rate. The impact of the association of firm\'s to BM&FBOVESPA differential levels of corporate governance or to Novo Mercado on investment rate is related to financial status of the firm. The increase in cash flow rights of the largest ultimate shareholder contributes to reduce investment-cash flow sensitivity, however, the same was not observed to the increase in voting rights.

My paper engages in investment decision of company, shows the connection with microeconomic and macroeconomic area, that is important to be respected in this kind of decision. The paper makes a survey about the methods of investment project evaluation and simultaneously deals with criterions, which are respected by these methods. With using of concrete methods of valuation ilustrates how to proceed.

Kandidatuppsats (2FE24E), Civilekonomprogrammet - Controller, Ekonomihögskolan vid Linnéuniversitetet i Växjö, VT 2017 Titel: Den immateriella investeringsprocessen – En flerfallsstudie i tjänsteföretag Författare: Jesper Andersson, Linn Persson & Johan Stillerfelt Handledare: Pia Nylinder Examinator: Elin Funck Bakgrund och problem: Antalet tjänsteföretag växer ständigt och mer än hälften av alla företag i Sverige verkar inom denna bransch. Vidare är investeringar avgörande för ett företags framtida överlevnad. Mer än hälften av de investeringar som görs i svenska företag är av immateriell karaktär och den största andelen av dessa sker inom just tjänstesektorn. Trots detta faktum är forskning kring investeringsprocessen främst knuten till materiella investeringar i tillverkande företag. Hur ser då investeringsprocessen för immateriella investeringar ut i tjänsteföretag och hur konstrueras och används beslutsunderlag vid beslutsfattande? Syfte: Syftet med denna uppsats är att analysera och kartlägga processen för immateriella investeringar inom tjänsteföretag. Vidare är syftet att bidra med kunskap om problematiken kring konstruktionen av beslutsunderlag samt beslutslogik gällande dessa investeringar. Meningen är att belysa ett ämnesområde som inte tidigare undersökts och på så sätt göra ett bidrag inom ämnet. Metod: Uppsatsen utgår från en övervägande kvalitativ forskningsstrategi där undersökningsdesignen är en flerfallsstudie. Vidare har utgångspunkten för insamlande av empiriskt material varit semistrukturerade intervjuer. Slutsats: Investeringsprocessen för tjänsteföretag avseende immateriella investeringar kan ses som en guide eller riktmärke och består vanligtvis av faserna initiering, bedömning, beslut, utveckling, implementering och uppföljning. Beslutunderlag konstrueras i regel av mellanchefer medan högre chefer tar det slutgiltiga beslutet om investeringen. Beslutet baseras främst på strategiska analyser som kompletteras med enklare kalkyler, erfarenhet och magkänsla. Nyckelord: Tjänsteföretag, investeringsprocess, immateriell investering, beslutsunderlag, investeringsbeslut / Bachelor Thesis (2FE24E), Degree of Master of Science in Business and Economics - Controller, School of Business and Economics at Linnaeus University in Växjö, S 2017 Title: The intangible investment process – A multiple case study in service companies Authors: Jesper Andersson, Linn Persson & Johan Stillerfelt Supervisor: Pia Nylinder Examiner: Elin Funck Background and problem: The number of service companies is continuously growing and more than half of all companies in Sweden operate within this branch. Investments are furthermore crucial to the future survival of a company. More than half of the investments in Swedish companies are of intangible character and the major part of these are made within this service companies. Despite this fact research about the investment process are mainly bound to tangible investments in manufacturing companies. Then how does the investment process for intangible investments look in service companies and how is decision basis constructed and used when making decisions? Purpose: The purpose of this thesis is to analyse and map the process for intangible investments in service companies. The purpose is furthermore to contribute with knowledge about the problems connected to the construction of basis for the decision and the logic behind the decision for these investments. The meaning of this is to lighten a subject that is not previously investigated. Method: The thesis is based on a predominantly qualitative research strategy in which the survey design is a multiple case study. Furthermore, the starting point for collection of empirical material has been semistructured interviews. Conclusion: The investment process for service companies in respect to intangible investments could be regarded as a guideline and usually consist of the phases initiation, evaluation, decision, development, implementation and follow-up. Decision basis is commonly constructed by middle-level bosses and the higher management usually makes the final decision about investment. The decision is primarily based on strategic analysis completed by simpler calculations, experience and gut feeling. Keywords: Service company, investment process, intangible investment, decision basis, investment decision

In recent years, the society is more interested in the use of renewable source of energy, which is related to the establishment of biogas power plants. The aim of this thesis is to evaluate the economic benefits of investing in a particular project of biogas power plant where social impacts will not be the main indicator. In the methodological part is defined methodology (static and dynamic methods of investment decision making, sensitivity analysis). Followed by the introduction of the investor and the project. In the analytical part is evaluated the project from an economic point of view and ways of sales compared with use of biogas feed-in tariffs and green bonuses. The thesis also includes assessment of the impacts of investment from the economic, social and environmental point of view.

The property development industry in cities such as Calgary, Edmonton, Denver and Houston experienced a boom characterized by compulsive speculative growth in the 1970's and then a dramatic collapse in 1982. In the wake of the collapse came a crisis in the financial as well as the development sector, which to 1987 is nowhere near resolved. The expansion and decline in the property development industry is seen as a subset of a classical business cycle fueled by the world oil and gas economy, Canadian government regional and economic policies, and changes in money supply and interest rates. These factors are recognized as being contributory, but not a sufficient explanation for the property boom and bust. Additional understanding is offered by an analysis of the decision making process in the development industry. The research, focusing on key decision makers, revealed that repeated decision errors made by developers on strategies related to growth, diversification, and financing contributed significantly to the industry problems. The sources of strategic errors were found to be associated with the key developers' personalities and their perception of the business environment, as well as group and organizational behaviour. In 1976-77 opportunities to gain windfall profits in real estate development encouraged developers to travel from city to city continent wide in search of opportunities. Their fast-paced activity brought key developers stunning successes. Their perceived brilliance attracted followers from the rest of the industry and captured the imagination of the financial community. In 1979-80, as land values began increasing at rates far faster than interest rates, land banking superceded land development as a principal activity. Developers not only borrowed to the maximum under conventional project lending, but they also invented the concept of "appraisal surplus" (the difference between market value and debt) as a measure of their enormous "equity". This in turn permitted them to raise additional capital corporately through debentures and share offering to purchase even more land. By 1981 companies were highly levered financially making them extremely vulnerable to the slightest changes in the marketplace. Rather than recognizing that they were swept up in a property' boom developers, individually and as a group, chose to continue to believe that their "exceptional ability" to turn a profit was the basis for their successes. As the boom accelerated developers abandoned all caution committing to some of their largest and most daring acquisitions at the very peak of the boom. Then, in 1982 the inevitable happened, the bust in the property market. Those public companies with huge financially levered land banks, whose strategies were predicated on continuing inflation and ever increasing market share failed. Those companies, often private, with low debt to equity ratios, conservative financial practices, and income property portfolios survived. Since both sets of companies operated in a similar environment, but one failed and the other survived, the argument that decision making was a crucial factor in understanding the boom-bust property cycle is strengthened. The understanding of change in the activity patterns and in the structure of the built environment is elucidated by the study of decision processes. Insights into decision making and business cycles create a new awareness of the development process. / Arts, Faculty of / Geography, Department of / Graduate