O envelhecimento populacional está correlacionado com o aumento dos custos e dos cuidados em saúde, e pela piora na qualidade de vida. O objetivo deste estudo é conhecer o perfil de consumo de medicamentos e o índice de qualidade de vida de grupos de pacientes idosos usuários do SUS e de planos de saúde privado e descrever o custo mensal do tratamento. A pesquisa seguiu um modelo de estudo transversal, e utilizou como instrumento de coleta de dados dois questionários estruturados, com amostragem foi do tipo intencional. O projeto foi aprovado pelo CEP/UFRGS. A coleta de dados foi realizada no período de março a julho de 2007, com 225 idosos, sendo: 61 na classe A, 80 na classe C e de 84 na classe E. A maioria era do sexo feminino, com idade média de 70 anos. O número médio de medicamentos citados foi: na classe A= 5,34; C= 4,07; E= 4,28. O custo de referência dos medicamentos variou entre as classes sociais estudadas, sendo: na classe A, de R$ 226,55 (DP±161,92), na classe C de R$ 72,32 (DP±82,86). O custo social dos medicamentos foi: na classe A de 210,03(DP±152,52); na classe C de 86,10 (DP±80,09) e para classe E de 78,39 (DP±167,92). Estatisticamente observou-se que a classe A diferiu da demais em relação ao custo dos medicamentos. Na classificação dos medicamentos de acordo com o valor intrínseco foi observado que na classe A 39% dos medicamentos apresentaram valor elevado, esse valor elevou-se para 52% e 59% classe social C e E, respectivamente. Quanto aos escores obtidos no questionário SF-36 para qualidade de vida o valor máximo na classe A foi de 89,45, relacionado ao aspecto social, na classe C os maiores escores foi no item relacionado ao estado geral de saúde e o aspecto emocional apresentou os maiores valores na classe E. Houve diferença estatística entre classe A e as classes C e E nos domínios dor, vitalidade, aspecto social e saúde mental. Este estudo possibilita o desenvolvimento de novas hipóteses de investigação para a construção de ações voltadas para a garantia de acesso dos idosos aos serviços de saúde, não só em quantidade, mas em qualidade, que contribuam para a qualidade de vida e segurança na utilização de medicamentos. / The population aging is correlated with the increase of the costs and the health´s care, and with the worsening in the life quality. The objective of this study is to know the profile of medicine consumption, the index of life quality of elder groups which use the SUS and the private health plans and to describe the monthly cost of the medicines treatment. The research followed a model of transversal study and used as instrument of data collection data two structuralized questionnaires with intentional type of sampling. The project was approved by the CEP/UFRGS. The data collection was carried out in the period of March to July of 2007, with 225 elder people, being: 61 in the class A, 80 in class C and 84 in class E. The majority was female with a mean age of 70 years old. The mean number of medicine used was: in class A=5,34; C = 4,07; E = 4,28. The medicines cost of reference varied between the studied social class being: in class A, of R$ 226,55 (DP±161,92), in class C of R$ 72,32 (DP±82,86). The social cost of medicines was: in class A of 210,03(DP±152,52); in class C of 86,10 (DP±80,09) and for class E of 78,39 (DP±167,92). It was observed that the class A differed of the other classes in relation to the cost of medicines. In the medicines classification, in accordance with the intrinsic value, it was observed that in class A 39% of medicines have presented a high value, which is 52% and 59% to the social classes C and E, respectively. In relation to the questionnaire SF-36 for life quality, the maximum value in class A was 89,45, related to the social aspect, in class C the greater value was related to the general state of health and the emotional aspect presented the biggest values in class E. There were difference statistics among classes A, C and E in the pain, vitality, social aspect and mental health. This study makes possible the development of new hypotheses of inquiry for the construction of actions directed to guarantee the access of elder people to the health services, not only in amount, but in quality, that contribute for the quality of life and security in the medicine use.

O envelhecimento populacional está correlacionado com o aumento dos custos e dos cuidados em saúde, e pela piora na qualidade de vida. O objetivo deste estudo é conhecer o perfil de consumo de medicamentos e o índice de qualidade de vida de grupos de pacientes idosos usuários do SUS e de planos de saúde privado e descrever o custo mensal do tratamento. A pesquisa seguiu um modelo de estudo transversal, e utilizou como instrumento de coleta de dados dois questionários estruturados, com amostragem foi do tipo intencional. O projeto foi aprovado pelo CEP/UFRGS. A coleta de dados foi realizada no período de março a julho de 2007, com 225 idosos, sendo: 61 na classe A, 80 na classe C e de 84 na classe E. A maioria era do sexo feminino, com idade média de 70 anos. O número médio de medicamentos citados foi: na classe A= 5,34; C= 4,07; E= 4,28. O custo de referência dos medicamentos variou entre as classes sociais estudadas, sendo: na classe A, de R$ 226,55 (DP±161,92), na classe C de R$ 72,32 (DP±82,86). O custo social dos medicamentos foi: na classe A de 210,03(DP±152,52); na classe C de 86,10 (DP±80,09) e para classe E de 78,39 (DP±167,92). Estatisticamente observou-se que a classe A diferiu da demais em relação ao custo dos medicamentos. Na classificação dos medicamentos de acordo com o valor intrínseco foi observado que na classe A 39% dos medicamentos apresentaram valor elevado, esse valor elevou-se para 52% e 59% classe social C e E, respectivamente. Quanto aos escores obtidos no questionário SF-36 para qualidade de vida o valor máximo na classe A foi de 89,45, relacionado ao aspecto social, na classe C os maiores escores foi no item relacionado ao estado geral de saúde e o aspecto emocional apresentou os maiores valores na classe E. Houve diferença estatística entre classe A e as classes C e E nos domínios dor, vitalidade, aspecto social e saúde mental. Este estudo possibilita o desenvolvimento de novas hipóteses de investigação para a construção de ações voltadas para a garantia de acesso dos idosos aos serviços de saúde, não só em quantidade, mas em qualidade, que contribuam para a qualidade de vida e segurança na utilização de medicamentos. / The population aging is correlated with the increase of the costs and the health´s care, and with the worsening in the life quality. The objective of this study is to know the profile of medicine consumption, the index of life quality of elder groups which use the SUS and the private health plans and to describe the monthly cost of the medicines treatment. The research followed a model of transversal study and used as instrument of data collection data two structuralized questionnaires with intentional type of sampling. The project was approved by the CEP/UFRGS. The data collection was carried out in the period of March to July of 2007, with 225 elder people, being: 61 in the class A, 80 in class C and 84 in class E. The majority was female with a mean age of 70 years old. The mean number of medicine used was: in class A=5,34; C = 4,07; E = 4,28. The medicines cost of reference varied between the studied social class being: in class A, of R$ 226,55 (DP±161,92), in class C of R$ 72,32 (DP±82,86). The social cost of medicines was: in class A of 210,03(DP±152,52); in class C of 86,10 (DP±80,09) and for class E of 78,39 (DP±167,92). It was observed that the class A differed of the other classes in relation to the cost of medicines. In the medicines classification, in accordance with the intrinsic value, it was observed that in class A 39% of medicines have presented a high value, which is 52% and 59% to the social classes C and E, respectively. In relation to the questionnaire SF-36 for life quality, the maximum value in class A was 89,45, related to the social aspect, in class C the greater value was related to the general state of health and the emotional aspect presented the biggest values in class E. There were difference statistics among classes A, C and E in the pain, vitality, social aspect and mental health. This study makes possible the development of new hypotheses of inquiry for the construction of actions directed to guarantee the access of elder people to the health services, not only in amount, but in quality, that contribute for the quality of life and security in the medicine use.

O envelhecimento populacional está correlacionado com o aumento dos custos e dos cuidados em saúde, e pela piora na qualidade de vida. O objetivo deste estudo é conhecer o perfil de consumo de medicamentos e o índice de qualidade de vida de grupos de pacientes idosos usuários do SUS e de planos de saúde privado e descrever o custo mensal do tratamento. A pesquisa seguiu um modelo de estudo transversal, e utilizou como instrumento de coleta de dados dois questionários estruturados, com amostragem foi do tipo intencional. O projeto foi aprovado pelo CEP/UFRGS. A coleta de dados foi realizada no período de março a julho de 2007, com 225 idosos, sendo: 61 na classe A, 80 na classe C e de 84 na classe E. A maioria era do sexo feminino, com idade média de 70 anos. O número médio de medicamentos citados foi: na classe A= 5,34; C= 4,07; E= 4,28. O custo de referência dos medicamentos variou entre as classes sociais estudadas, sendo: na classe A, de R$ 226,55 (DP±161,92), na classe C de R$ 72,32 (DP±82,86). O custo social dos medicamentos foi: na classe A de 210,03(DP±152,52); na classe C de 86,10 (DP±80,09) e para classe E de 78,39 (DP±167,92). Estatisticamente observou-se que a classe A diferiu da demais em relação ao custo dos medicamentos. Na classificação dos medicamentos de acordo com o valor intrínseco foi observado que na classe A 39% dos medicamentos apresentaram valor elevado, esse valor elevou-se para 52% e 59% classe social C e E, respectivamente. Quanto aos escores obtidos no questionário SF-36 para qualidade de vida o valor máximo na classe A foi de 89,45, relacionado ao aspecto social, na classe C os maiores escores foi no item relacionado ao estado geral de saúde e o aspecto emocional apresentou os maiores valores na classe E. Houve diferença estatística entre classe A e as classes C e E nos domínios dor, vitalidade, aspecto social e saúde mental. Este estudo possibilita o desenvolvimento de novas hipóteses de investigação para a construção de ações voltadas para a garantia de acesso dos idosos aos serviços de saúde, não só em quantidade, mas em qualidade, que contribuam para a qualidade de vida e segurança na utilização de medicamentos. / The population aging is correlated with the increase of the costs and the health´s care, and with the worsening in the life quality. The objective of this study is to know the profile of medicine consumption, the index of life quality of elder groups which use the SUS and the private health plans and to describe the monthly cost of the medicines treatment. The research followed a model of transversal study and used as instrument of data collection data two structuralized questionnaires with intentional type of sampling. The project was approved by the CEP/UFRGS. The data collection was carried out in the period of March to July of 2007, with 225 elder people, being: 61 in the class A, 80 in class C and 84 in class E. The majority was female with a mean age of 70 years old. The mean number of medicine used was: in class A=5,34; C = 4,07; E = 4,28. The medicines cost of reference varied between the studied social class being: in class A, of R$ 226,55 (DP±161,92), in class C of R$ 72,32 (DP±82,86). The social cost of medicines was: in class A of 210,03(DP±152,52); in class C of 86,10 (DP±80,09) and for class E of 78,39 (DP±167,92). It was observed that the class A differed of the other classes in relation to the cost of medicines. In the medicines classification, in accordance with the intrinsic value, it was observed that in class A 39% of medicines have presented a high value, which is 52% and 59% to the social classes C and E, respectively. In relation to the questionnaire SF-36 for life quality, the maximum value in class A was 89,45, related to the social aspect, in class C the greater value was related to the general state of health and the emotional aspect presented the biggest values in class E. There were difference statistics among classes A, C and E in the pain, vitality, social aspect and mental health. This study makes possible the development of new hypotheses of inquiry for the construction of actions directed to guarantee the access of elder people to the health services, not only in amount, but in quality, that contribute for the quality of life and security in the medicine use.

The study’s main concern was the extent to which the price earnings (P/E) valuation model and constant growth dividend discount valuation model (DDM) can estimate the intrinsic value of a share. The context within which the concern was addressed is the boom and recession conditions of South Africa during the period 1994–1999. The study used the following descriptive statistics to make a comparison of the performance of each model: <ul><li> Theil’s inequality coefficient; </li><li> coefficient of variation; </li><li> percentage improvement in the inter-quartile range (%IMP); and</li><li> the Wilcoxon test and the Kruskal-Wallis test. </li></ul> The study found that: <ul><li> the DDM is more efficient in estimating the intrinsic value in the boom period compared to the recession period. </li><li> P/E is more efficient in estimating the intrinsic value in the recession period than the boom period. </li><li> When the business cycle changed from a boom to a recession the %IMP increased for the DDM and the P/E model showing that there was no improvement in performance. Instead, it showed an increase in the IQR of each model. The increase in the DDM was smaller than that of the P/E model. </li><li> The difference between the absolute valuation errors of the DDM across the two phases of the business cycle (boom and recession) was not statistically significant while those of the P/E were significant. </li></ul> / Dissertation (MCom)--University of Pretoria, 2012. / Financial Management / unrestricted

The ability to transfer knowledge to novel contexts is one of the most important goals that our educational institutions must achieve. Motivation is one of the many factors that influence students' learning, performance, and their ability to transfer. However, not many researchers have studied the role of motivation in transfer keeping in view Eccles' Subjective task value theory. The present study explored the role of subjective values students associate with cognitive development theories they studied in an educational psychology course, in their ability to transfer knowledge learned in lecture to a novel context. Participants were 45 college students in an educational psychology course. They were asked to complete the subjective task value instrument, the fundamental knowledge test and the transfer test. Based on the literature, it is hypothesized that if the subjective value of a task has a role to play in the level of transfer that learners display, there will be a strong correlation between their scores on the subjective task value instrument and transfer test. Nevertheless, the results showed that there is no relationship between learners' value beliefs and their ability to transfer. However, the results showed a significant relationship between fundamental understanding and transfer. Future research taking the nature of instruction into account and that test the learners for transfer multiple times during a single semester would perhaps give us a much clearer picture of the determinants of the learners' failure to transfer.

My diploma thesis deals with fundamental analysis of a significant bank in Czech Republic. Fundamental analysis is focused on factors that influence the value of particular stock. The main target of fundamental analysis is to find intrinsic value which reflects the actual state and perspectives of a company. The main goal of this paper was to come with the complex valuation approach to banks and apply this approach to Komercni banka, a.s. The next goal was to deal with the specifics of the bank valuation and with the valuation during the financial crisis. I used following methods for valuation. The most recommended one is the value estimation by income approach - Discounted Cashflow Valuation, Dividend Discount Models. For usage of this method is necessary to make financial and strategic analysis of the company. The next method I used is the application of market multiples, such as Price-to-Earnings or Market-to-Book Value ratios. The last method in this paper is based on financial statements. The book value of equity is more reliable for financial institutions than for nonfinancial companies. Diploma thesis gives the complex view of the bank valuation and includes all important steps leading to high-quality valuation.

Diploma thesis focuses on fundamental and technical analysis of the stock Komerční banka, a.s. The aim of the work is to applicate techniques of both analyses and prepare investvment recommendations according to acquired results. This work also provides theoretical background of particular analyses and applied methods. The first chapter contains global fundamental analysis supplemented by analysis of relations between main factors and index PX using correlation coefficient. Another two chapters deal with sector analysis and calculation of intrinsic value of the stock. The last chapter is devoted to technical analysis using chart's methods and methods based on technical indicators.

This diploma thesis covers value investing process defined by adherents of Graham and Dodd. Theoretical aspects of this principle are explained with special focus devoted to determination of intrinsic value using three step process utilizing information from value of assets, earnings power value and value of growth. We pay attention to strategic considerations that should facilitate an analyst to more reliable conclusions. Using European markets data, analytical part of this work examines return of mechanically compiled value and growth portfolios and presence of value premium. We than analyze return of existing value portfolios.

Mergers and acquisitions continue to enjoy importance as strategies for achieving growth, although their success in creating shareholder value remains contested. The aim of this research was to evaluate whether, in the long-run, acquiring companies created or destroyed value by evaluating the differences between pre- and post-acquisition firm performance, using, abnormal share price performance, operating financial performance and intrinsic value performance metrics. This research used a non-representative, judgemental sample of 29 JSE listed firms to conclude that, on average, mergers and acquisitions destroy value within two years post-acquisition, although some evidence was found in support of acquiring firm value creation in the third year after the acquisition. Results indicated a significant -6.62% decline in acquiring firm average cumulative average abnormal return (ACAAR) between 504 trading days before and after acquisition announcement dates. This finding reversed in year three, resulting in a positive ACAAR of 8.76%. Similarly, average intrinsic value (AIV) performance indicated that between one year before and one year after the acquisition, AIV deteriorated with a significant -0.131. However, between year one and two after the acquisition, AIV recovered by 0.112. Overall evidence indicated positive and significant AIV growth of 0.370 between one year before and three years after the acquisition. The research found insignificant results for the pre and post-acquisition evaluation of industry-adjusted cash-flow return on all assets (IACRAA). / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

For the last decades, public authorities and private firms have emphasized their focus on integrating sustainability into corporate disclosure. The shift towards CSR instead of the traditional profit maximization narratives is evident in increased demand among various stakeholders for sustainability awareness. Thus, financial and non-financial disclosure legislation have become stricter, forcing companies to be more transparent (European Commission, n.d.). This thesis aims to examine CSR research by arguing from a previously unattended perspective of valuation. Thus, the formulated purpose “is to examine if CSR affects the deviation between intrinsic and market value of firms in the energy sector in Europe”. This sector is highly blamed for contributing to global warming by exhausting a large amount of greenhouse gas emissions (Mezher et al., 2010). Furthermore, this thesis distinguishes itself from other valuation articles by arguing from the paradigm of realism. In doing so, we argue that the intrinsic value is the independent reality instead of the market value. The market value is, in contrast, based on investors aggregated perception of the intrinsic value through information. This separation of the two values becomes theoretically evident from the perspective of irrationality. For this aim, a few well-established theories such as the market equilibrium theory and the efficient market hypothesis have been used to theoretically explain the deviation. To establish the empirical difference of deviation, a T-test was conducted on the ten most extreme ESG score firms in the European energy sector. The applied method for calculating the intrinsic value is a perpetuity version of the Residual Earning Method with an aggregated Capital Asset Pricing Model as the discount rate. In accordance with the implied result, we argue for a significant difference in both an absolute and relative deviation in this sector. Contradicting, our second test, regression analysis, could not validate if the stated finding depends on ESG and its components. Instead, the deviation could be viewed from the control variables: Size, risk, and profitability. Thus, a theoretical explanation could be an indirect relationship of ESG towards the deviation; however, further research is needed to verificate the finding. Ultimately, we contribute on two fronts, both towards theoretical and pragmatic knowledge by arguing from an un addressed research perspective, realism and establish that high ESG firms are undervalued compared to low ESG firms.