Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2005.

Everyday the financial world is dominated by news from the international stock markets. A general market meltdown is viewed with alarm and dismay by all those investors who take a short-term view of investments or see their pensions erode. Nothing can be done to what has already happened, but a lot can be learnt from successful investors. One of these successful investors who are one of the richest people in the world is Warren Buffett. As a student of Benjamin Graham at Columbia Business School in the 1950's and a native of Omaha, Warren Buffett is renowned as the chairman of Berkshire Hathaway Incorporated and are one of the world's legendary investors. This dissertation addressed the need that exists to provide investors with an investment philosophy that will limit the risk of failure when investing in the stock market by identifying and evaluating investment potential the Warren Buffett way. The was done by a literature study of the various investment fundamentals, analyzing the investment philosophy of Warren Buffett's mentor, Benjamin Graham and a in-depth study of the investment criteria used by Warren Buffett. The empirical study was conducted in five phases. The first phase consisted of identifying the study sample and the second phase was to identify the most important regression equations. Phase three consisted of multiple regression analysis that was used to determine the most important quantitative criteria, based on the analysis done on twenty two companies listed on the Johannesburg Stock Exchange. The most important criteria that were identified were the margin of safety, the book value and book value per share, the intrinsic value per share of the company, the debt pay-off period and the profit margin. Based on the criteria identified within phase three, a five step model was developed in phase four to assist investors in analyzing and successfully identifying companies with the highest investment potential and this model was tested in phase five. The results of the tests done on the study sample indicated the success rate of the model for the specific number of criteria. These results were compared to the average price per share for 2004 and the results indicated that the success rate of the model decreases as the number of criteria within the model decreases. The results achieved were satisfactory considering that the model only addresses the quantitative investment criteria and not the qualitative criteria within the model decreases. The results achieved were satisfactory considering that the model only addresses the quantitative investment criteria and not the qualitative criteria. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2005.

Everyday the financial world is dominated by news from the international stock markets. A general market meltdown is viewed with alarm and dismay by all those investors who take a short-term view of investments or see their pensions erode. Nothing can be done to what has already happened, but a lot can be learnt from successful investors. One of these successful investors who are one of the richest people in the world is Warren Buffett. As a student of Benjamin Graham at Columbia Business School in the 1950's and a native of Omaha, Warren Buffett is renowned as the chairman of Berkshire Hathaway Incorporated and are one of the world's legendary investors. This dissertation addressed the need that exists to provide investors with an investment philosophy that will limit the risk of failure when investing in the stock market by identifying and evaluating investment potential the Warren Buffett way. The was done by a literature study of the various investment fundamentals, analyzing the investment philosophy of Warren Buffett's mentor, Benjamin Graham and a in-depth study of the investment criteria used by Warren Buffett. The empirical study was conducted in five phases. The first phase consisted of identifying the study sample and the second phase was to identify the most important regression equations. Phase three consisted of multiple regression analysis that was used to determine the most important quantitative criteria, based on the analysis done on twenty two companies listed on the Johannesburg Stock Exchange. The most important criteria that were identified were the margin of safety, the book value and book value per share, the intrinsic value per share of the company, the debt pay-off period and the profit margin. Based on the criteria identified within phase three, a five step model was developed in phase four to assist investors in analyzing and successfully identifying companies with the highest investment potential and this model was tested in phase five. The results of the tests done on the study sample indicated the success rate of the model for the specific number of criteria. These results were compared to the average price per share for 2004 and the results indicated that the success rate of the model decreases as the number of criteria within the model decreases. The results achieved were satisfactory considering that the model only addresses the quantitative investment criteria and not the qualitative criteria within the model decreases. The results achieved were satisfactory considering that the model only addresses the quantitative investment criteria and not the qualitative criteria. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2005.

The aim of this thesis is to provide an objective view of the investment potential of Sri Lanka, including all the important factors that may affect the investment climate and to assess the current investment policy of Sri Lanka and propose some recommendations for improvement. The theoretical part of the thesis is devoted to the impact of armed conflict on the investment environment, it discusses the institutional framework for investment, the legal framework for investment, and investment incentives provided to investors. It also defines the priority investment areas and the main obstacles for the development of investment in the territory. The practical part of the thesis compares the investment potential of Sri Lanka with three selected Asian countries to determine which areas need an improvement, necessary to increase the country's attractiveness for foreign investment. It also evaluates the investment potential of the country in the form of a SWOT analysis and provides recommendations for improvement.

Структура магистерской диссертации включает в себя введение, магистерской три главы, заключение, список использованных источников. В первой главе мы рассмотрели роль прямых зарубежных русском и инвестиций в экономическом развитии стран и теоретические концепции мотивов осуществления ПЗИ. Во второй главе мы провели анализ инвестиционного климата Российской Федерации, проанализировали формы привлечения прямых иностранных инвестиций в национальной экономике и сделали анализ факторов, влияющих на прямые иностранные инвестиции в России. В третьей главе изучили стратегические приоритеты и эффективность привлечения иностранных инвестиций в развитие экономике региона. В заключении подведены итоги выполненной работы. / The structure of the master's thesis includes an introduction, master's three chapters, conclusion, list of sources used. In the first chapter, we examined the role of foreign direct Russian and investment in the economic development of countries and the theoretical concepts of the motives for implementing FDI. In the second chapter, we analyzed the investment climate of the Russian Federation, analyzed the forms of attracting foreign direct investment in the national economy and made an analysis of the factors influencing foreign direct investment in Russia. The third chapter explored the strategic priorities and the effectiveness of attracting foreign investment in the development of the region's economy. In the conclusion, the results of the work performed are summarized.

A dissertação aborda e compara as características dos índices de Sharpe (SR) e suas variantes, SRc e SRd, Sharpe generalizado (GSR ) e potencial de investimento (IP), sendo os índices GSR e IP associados a alguma função de utilidade. Pelo fato de o GSR e o IP serem idênticos, testes empíricos foram realizados entre SRc e o GSR. Ambos foram avaliados teoricamente sob dois aspectos, o que definimos de análise retrospectiva, i.e., análise de séries de log-retornos mensais observados, e a análise prospectiva, i.e., séries a ocorrer. No âmbito prospectivo, ex ante facto, o SRc (índice de Sharpe com variável de estado normal) e o SRd (índice de Sharpe com variável de estado lognormal), por estarem associados à função de utilidade quadrática, apresentam distorções como o ponto bliss e o agente econômico bomba de dinheiro. O mesmo ocorre no âmbito retrospectivo, ex post facto, com o GSR (potencial de desempenho de ativos de risco para indivíduos com função de utilidade HARA) quando o coeficiente de aversão ao risco é igual a um negativo, gama=-1. No entanto, o GSR pode ser associado a funções de utilidade diferentes da quadrática evitando seus efeitos indesejáveis. Sob a suposição de movimento browniano geométrico (MBG) e da utilidade HARA para o preço mensal ajustado de ações brasileiras e americanas e para pontos mensais de índices brasileiros e americanos, entre janeiro de 2000 e março de 2008, obtivemos os seguintes resultados: (1) o índice GSR para utilidade quadrática apresentou elevada correlação com o SRc; (2) a menor correlação de GSR com SRc ocorreu para utilidade logarítmica; (3) para a utilidade exponencial, o GSR apresenta elevado grau de correlação com o SRc. Os resultados mostraram que o GSR com utilidade exponencial é o índice que menos se aproxima do comportamento do GSR com utilidade quadrática. Sabendo-se das distorções da utilidade quadrática, a adoção do GSR com gama=1 parece mais adequado para a classificação de ativos de risco. / This master dissertation studies and compares the characteristics of Sharpe ratio and its variants, SRc and SRd, generalized Sharpe ratio (GSR) and investment potential (IP), both GSR and IP associated to any utility function. By the fact that GSR and IP are identical indexes, empiric tests were conducted between SRc and GSR. The indexes were evaluated theoretically under two different aspects: retrospective analysis, i.e., analyze the observed monthly log-returns, and prospective analysis, i.e., series to occur. Under prospective view, ex ante facto, SRc (Sharpe ratio with normal state variable) and SRd (Sharpe ratio with lognormal state variable), for being associated to the quadratic utility function, show the inherent problems to utility functions such as the bliss point and the pump money economic agent. The same happens in a retrospective view, ex post facto, with the GSR (performance potential with HARA utility function family) when the risk aversion coefficient equals minus one, gama=-1. Therefore, the GSR can be associated to different utility functions avoiding the undesirable effects. Under the GBM (geometric Brownian motion) condition and HARA utility function for the Brazilian and American adjusted monthly stock prices and indexes monthly points during January 2000 and March 2008, we reached the following: (1) results indicate that GSR for quadratic utility has high correlation level with SRc; (2) while the logarithmic utility showed lowest correlation level between GSR and SRc; (3) exponential utilities showed a high level of correlation between GSR and SRc. The results showed that GSR with exponential utility kept the biggest behavior difference for the GSR with quadratic utility. Based on the knowing problems of the quadratic utility, GSR with gama=1 seems to be a better index choice for risk assets classification.

A dissertação aborda e compara as características dos índices de Sharpe (SR) e suas variantes, SRc e SRd, Sharpe generalizado (GSR ) e potencial de investimento (IP), sendo os índices GSR e IP associados a alguma função de utilidade. Pelo fato de o GSR e o IP serem idênticos, testes empíricos foram realizados entre SRc e o GSR. Ambos foram avaliados teoricamente sob dois aspectos, o que definimos de análise retrospectiva, i.e., análise de séries de log-retornos mensais observados, e a análise prospectiva, i.e., séries a ocorrer. No âmbito prospectivo, ex ante facto, o SRc (índice de Sharpe com variável de estado normal) e o SRd (índice de Sharpe com variável de estado lognormal), por estarem associados à função de utilidade quadrática, apresentam distorções como o ponto bliss e o agente econômico bomba de dinheiro. O mesmo ocorre no âmbito retrospectivo, ex post facto, com o GSR (potencial de desempenho de ativos de risco para indivíduos com função de utilidade HARA) quando o coeficiente de aversão ao risco é igual a um negativo, gama=-1. No entanto, o GSR pode ser associado a funções de utilidade diferentes da quadrática evitando seus efeitos indesejáveis. Sob a suposição de movimento browniano geométrico (MBG) e da utilidade HARA para o preço mensal ajustado de ações brasileiras e americanas e para pontos mensais de índices brasileiros e americanos, entre janeiro de 2000 e março de 2008, obtivemos os seguintes resultados: (1) o índice GSR para utilidade quadrática apresentou elevada correlação com o SRc; (2) a menor correlação de GSR com SRc ocorreu para utilidade logarítmica; (3) para a utilidade exponencial, o GSR apresenta elevado grau de correlação com o SRc. Os resultados mostraram que o GSR com utilidade exponencial é o índice que menos se aproxima do comportamento do GSR com utilidade quadrática. Sabendo-se das distorções da utilidade quadrática, a adoção do GSR com gama=1 parece mais adequado para a classificação de ativos de risco. / This master dissertation studies and compares the characteristics of Sharpe ratio and its variants, SRc and SRd, generalized Sharpe ratio (GSR) and investment potential (IP), both GSR and IP associated to any utility function. By the fact that GSR and IP are identical indexes, empiric tests were conducted between SRc and GSR. The indexes were evaluated theoretically under two different aspects: retrospective analysis, i.e., analyze the observed monthly log-returns, and prospective analysis, i.e., series to occur. Under prospective view, ex ante facto, SRc (Sharpe ratio with normal state variable) and SRd (Sharpe ratio with lognormal state variable), for being associated to the quadratic utility function, show the inherent problems to utility functions such as the bliss point and the pump money economic agent. The same happens in a retrospective view, ex post facto, with the GSR (performance potential with HARA utility function family) when the risk aversion coefficient equals minus one, gama=-1. Therefore, the GSR can be associated to different utility functions avoiding the undesirable effects. Under the GBM (geometric Brownian motion) condition and HARA utility function for the Brazilian and American adjusted monthly stock prices and indexes monthly points during January 2000 and March 2008, we reached the following: (1) results indicate that GSR for quadratic utility has high correlation level with SRc; (2) while the logarithmic utility showed lowest correlation level between GSR and SRc; (3) exponential utilities showed a high level of correlation between GSR and SRc. The results showed that GSR with exponential utility kept the biggest behavior difference for the GSR with quadratic utility. Based on the knowing problems of the quadratic utility, GSR with gama=1 seems to be a better index choice for risk assets classification.

В 2018 году пройдет Чемпионат мира по футболу в России. Несомненно, организация такого мероприятия сопровождается не только большим уровнем затрат, но и возможностью привлечения инвестиций в города, принимающие матчи Чемпионата Мира. Задачей администрации города и правительства области становится создание условий для эффективного использования наследия Чемпионата мира. Оценкой эффективности данного наследия может стать инвестиционная привлекательность города после проведения Чемпионата мира. Попытке определить инвестиционную привлекательность спортивного мегасобытия и посвящена данная работа. / In 2018 will be the World Cup in Russia. Undoubtedly, the organization of this event is accompanied by not only a high level of cost, but also by ability to attract investment in the host cities of the World Cup matches. Creation of conditions for effective use of heritage of the World Cup becomes a problem of a city administration and the government of the region. Investment appeal of the city after holding the World Cup can become an efficiency evaluation of this heritage. This work is also devoted to attempt to determine investment appeal of a sports Mega-event.

Выпускная квалификационная работа состоит из трёх глав и заключения. Объем работы составляет 123 страница. Темой диссертационной работы «Факторы повышения конкурентоспособности международных компаний в современных условиях». Исследование является актуальным, так как энергетика находится на этапе всеобщего перехода к возобновляемым источникам энергии. Enel глобализирует распространение новых технологий и нуждаются в иностранных инвестициях стран потенциального будущего присутствия. Целью выпускной квалификационной работы является разработка рекомендаций для компании, находящейся в стадии подготовки к привлечению иностранных инвесторов. Объектом научно-исследовательской работы является итальянская энергетическая компания Enel s.p.a. Предметом – особенности стратегического планирования компании энергетической отрасли. Проведена оценка энергетической отрасли в ситуации пандемии COVID-19. Высказаны предположения по поводу последствий влияния пандемии на рынок энергетики. Описаны особенности деятельности компании-объекта, организационная структура, а также риски и корпоративное управление. Проведена оценка основных производственноэкономических показателей̆компании, а также оценка стоимости компании. Далее проведен анализ рынка конкурентов путем оценки результатов деятельности четырех основных конкурентов. Проведена оценка позиции Enel S.P.A на энергетическом рынке на основании положения крупнейших конкурентов. Разработана стратегия повышения инвестиционного потенциала международной энергетической компании. Проанализирована эффективность деятельности компании путем выявления рисков. Привлечены такие методы, как «Three Pillars of Electricity industry sustainability», The 3A Framework», SWOT анализ. Далее проведена оценка глобальной деятельности компании путем вычисления Индекса транснациональности. Выявлены аспекты ключевой стратегии Enel. Завершающей частью работы стало разработка рекомендаций для повышения возможности трансформации внутренней̆ среды Enel S.P.A. в целях повышения привлекательности общества в свете интересов иностранных инвесторов. / The study is relevant, as the energy sector is at the stage of universal transition to renewable energy sources. Enel is globalizing the spread of new technologies and needs foreign investment from countries with a potential future presence. The purpose of the final qualification work is to develop recommendations for a company that is in the process of preparing to attract foreign investors. The object of the research work is the Italian energy company Enel s. p.a. The subject is the peculiarities of strategic planning of the company in the energy industry. An assessment of the energy industry in the situation of the COVID-19 pandemic was carried out. Suggestions have been made about the impact of the pandemic on the energy market. The features of the target company's activity, organizational structure, as well as risks and corporate governance are described. The assessment of the main production and economic indicators of the company, as well as the assessment of the company's value, was carried out. Further, the analysis of the competitors ' market is carried out by evaluating the performance of the four main competitors. The assessment of Enel S. P. A's position in the energy market is based on the position of its largest competitors. A strategy has been developed to increase the investment potential of an international energy company. The effectiveness of the company's activities is analyzed by identifying risks. Methods such as "Three Pillars of Electricity industry sustainability", The 3A Framework", SWOT analysis are involved. Further, the assessment of the global activity of the company is carried out by calculating the Index of transnationality. Aspects of Enel's key strategy are identified. The final part of the work was the development of recommendations to increase the possibility of transforming the internal environment of Enel S. P. A. in order to increase the attractiveness of the company in the light of the interests of foreign investors.