The study sought to examine the relationship between quality of work-life and quality of life depending on how central work is in an individual’s life and what value work holds for them. Literature internationally has shown that because work forms such an integral part of individuals’ lives, that this could influence their experience of quality of life, indicating that a high quality of work life could lead to a high quality of life. Similarly, if work is a central life interest and dependent on the value that work holds, the loss of work could potentially influence quality of life. A cross-sectional, descriptive design was used, with a correlational approach. Snowball sampling was used to gather a sample of 163 working adults in South Africa, through a personal network of family and friends. Participants completed scales assessing the four variables of interest provided in an online questionnaire. The results indicated that individuals who experienced their quality of work-life as more positive also indicated a higher quality of life. This relationship was stronger when individuals saw work as having intrinsic value. However, the degree to which work was central to a person’s life, and to which work was seen as having value as it provided monetary rewards (extrinsic value), social connections and relationships (social value), or status (prestige value) were not found to alter the relationship between quality of work-life and quality of life. As shown previously in both international and local literature, work is always placed second to family in importance. Based on these findings, limitations and recommendations were suggested, as well as theoretical and practical implications.

No description available.

Mergers and acquisitions have been demonstrated to create synergies, but not in all cases. Current research reveals that where synergies exist, these seem to accrue to the shareholders of the selling companies. Given the limitations of our qualitative research design, we find that it is important to quantify synergy before the acquisition, preferably by applying certain best practices. In an attempt to enhance understanding of the phenomenon, we find that several types of synergy exist and that their origins include efficiencies, such as economies of scale and economies in innovative activity. We further find that the bid price is an important indicator of success and that its maximum should not exceed the intrinsic value of the target, plus the value of synergies between the bidder and target. We further find that best practices exist in quantifying cost and revenue synergies and describe these separately per origin. / Management Accounting / M.Com. (Accounting)

L'efficience fondamentale, i.e. l'efficience comprise comme conformité de la valorisation par les marchés financiers à la valeur fondamentale des titres est en tant que telle peu testée. Notre recherche vise à renouveler ses modes de test en se basant sur une conception constructiviste de la valeur fondamentale. Ce renouvellement, axé sur l'adoption d'un point de vue d'investi, est mis en oeuvre sur 4 cas de sociétés cotées françaises sur une période de 3 ans. La première partie de la thèse est consacrée à l'identification des acteurs les plus légitimés de ce type d'expression publique. Elle montre que ce sont les analystes financiers sell-side. La deuxième partie étudie la relation entre l'estimation publique de la valeur fondamentale par ces acteurs et l'évolution des cours. Elle aboutit au constat d'une estimation fortement dépendante de la dynamique du marché. La troisième partie apporte des éléments d'explication de ce constat en présentant sous la forme d'une configuration le mode d'interdépendance dans lequel s'inscrivent à la fois les analystes, les investisseurs et d'autres acteurs. / Fundamental efficiency, i.e. efficiency understood as the fact financial asset prices reflect their intrinsic value is as such rarely tested. Our research aims at a renewal of its test modes based on a constructivist conception of intrinsic value. This renewal, centered on an investee’s point of view, is implemented on 4 cases of French listed firms on a 3-year period. The first part of the thesis is devoted to the identification of the most recognized actors of this kind of public expression. It shows these are the sell-side financial analysts. The second part studies the relationship between the public appraisal of intrinsic value by these actors and stock price changes. It establishes this appraisal heavily depends on market dynamics. The third part tries to explain this by displaying as a figuration the interdependence mode in which analysts, investors and other actors are all involved.

Mergers and acquisitions have been demonstrated to create synergies, but not in all cases. Current research reveals that where synergies exist, these seem to accrue to the shareholders of the selling companies. Given the limitations of our qualitative research design, we find that it is important to quantify synergy before the acquisition, preferably by applying certain best practices. In an attempt to enhance understanding of the phenomenon, we find that several types of synergy exist and that their origins include efficiencies, such as economies of scale and economies in innovative activity. We further find that the bid price is an important indicator of success and that its maximum should not exceed the intrinsic value of the target, plus the value of synergies between the bidder and target. We further find that best practices exist in quantifying cost and revenue synergies and describe these separately per origin. / Management Accounting / M.Com. (Accounting)

This Master´s thesis analyses problems with global classification of chosen subjects on capital market of the Czech Republic, determines inner stock value and with other factors gives the sign to the investor about buying stock of company. The aim of this thesis is to help investors with investing free finance resources to the capital market. This thesis takes into account the concrete requirements defined by investor.

Warrants are modern investment gear product. They are emitted by famous financial institution and dedicated for small investors. The main object of this diploma thesis is to analyse warrants. In first part of the thesis is theoretical background of warrants, pricing models, etc. Second part is mainly focused on investment strategies and stockjobbing. In the last part is comparsion to other financial products and also practical investment introduction are included.

The idea of recognizing the Rights of Nature has emerged as a response and an alternative source of stimulus to tackle today’s environmental problems causing eco-anxiety. This study intends to give insight on how a high level of environmental awareness can contribute substantially to a balanced relationship with Nature. In addition, the study aspires to inspect whether diverse knowledge systems on harmonious development processes can facilitate a new system of relationships between people and Nature. It follows that one of the main aims of this thesis is also to explore how the compound perspectives of different scientific disciplines on the concept of sustainability, especially environmental sustainability, can work together to deliver a strong and unified message to societies: a message at the heart of which is a transformational social change in the way Nature is perceived and treated. The legal recognition of Nature’s intrinsic value is at the centre of this emerging paradigm shift, reflecting a comprehensive people-oriented approach towards Nature. In this light, the study seeks to explore the possible changes which would take place if Fulufjallet National Park embedded in the Scandinavian Wilderness area became a rights-bearing subject of the law. The research is supported by a discourse analysis methodology which has identified a framework of a three-level system of relationships representing a potential shift in the current paradigm of sustainable development in the context of the protected area in the Swedish high mountains. It has been found that acknowledging the legal subjectivity of the national park as a whole, as well as of the natural treasures and the plant and animal kingdoms within it, may encourage people to discover the core value of Nature from an Earth-centered perspective. Furthermore, based on the results of data analysis, the principles and values behind the unique Swedish law called the Right of Public Access may open up a new dimension in the respectful social relations between individuals and Nature by fostering the implementation of the concept of the Rights of Nature and Earth Jurisprudence anywhere in the country.

本篇論文以分析師對未來公司盈餘預測為基礎，使用剩餘所得模型來對台灣股票市場做實證研究。在這個架構下，我們比較了剩餘所得模型評價法與各種不同的傳統評價法對台灣50成分股的估算表現。 本篇論文的實證發現，內含價值對股票價格比率(intrinsic value to price ratio)對台灣50成分股的預測，在中短期的投資期間內相較於傳統評價法，預測力最高。帳面價值對股票價格比率(book value to price ratio)則在長期的投資期間內，預測力顯著高於其他評價法。盈餘對價格比率(earnings to price ratio)預測力最低。而將所有評價法一同列入考慮時，則發現並沒有任何一種評價法能明顯主宰其他不同的評價法，各種評價方法在預測未來股市表現是互補的。 本篇論文進一步探討剩餘所得模型評價法對台灣50成分股的交易策略，發現以剩餘所得模型估算出的內含價值為標準來進行交易，能得到正報酬。而考慮會計保守原則的模型報酬率能顯著高於沒有將會計保守原則列入考慮的模型。 / We provide an empirical assessment of the residual income valuation model bases on analysts’ forecast data in Taiwan stock market. In this framework, we compare the performance of alternative estimates of intrinsic value with traditional valuation estimates for the component stocks of TSEC Taiwan 50 Index. According to our results, intrinsic value-to-price ratio is a reliable predictor of market returns over short-to-mid period and book-to-price ratios is a reliable predictor over long horizons. Unlike the two ratios, earnings-to-price ratio has little predictive power for returns in Taiwan stock market. Furthermore, intrinsic value-to-price ratio does not dominate traditional valuation but provide another perspective of stock valuation, and we can have a better forecast of future return of Taiwan stock market with consideration of all valuation estimates.

Dans ce mémoire, nous étudierons la place que devrait occuper en éthique environnementale, la notion de valeur intrinsèque de la nature, et nous critiquerons l’approche pragmatique qui rejette cette dernière. Pour Bryan G. Norton, l’un des pères du pragmatisme en éthique environnementale, la notion de valeur intrinsèque est un frein à la mise en place de politiques publiques en environnement. Nous défendrons, au contraire, l’idée que cette notion peut jouer un rôle essentiel en éthique environnementale en servant de base commune à l’établissement de politiques pouvant lutter efficacement contre des problématiques mondiales en environnement. Pour ce faire, nous commencerons par présenter l’approche pragmatique et ses critiques des théories de la valeur intrinsèque de la nature. Dans un second temps, nous critiquerons certains aspects du pragmatisme pour montrer que cette approche possède des défauts pouvant être comblés par la notion de valeur intrinsèque. Le caractère inadéquat d’une approche purement pragmatique face à des enjeux mondiaux en environnement ayant été établi, nous articulerons finalement la notion de valeur intrinsèque de la nature telle que la conçoit J. Baird Callicott. Ce faisant, nous établirons la base métaphysique permettant de soutenir l’existence de ce type de valeur pour les espèces et nous montrerons, grâce à Willis Jenkins, qu’une approche pragmatique peut être compatible avec la notion de valeur intrinsèque de la nature, moyennant certains aménagements. La notion de valeur intrinsèque de la nature peut ainsi jouer un rôle crucial en éthique environnementale et il est de notre devoir de résister aux tentatives de marginalisation la visant. / In this paper, we will study the place that the notion of intrinsic value in nature should take in environmental ethics and we will criticize pragmatism for rejecting the notion of intrinsic value. For Bryan G. Norton, one of the forefathers of environmental pragmatism, the notion of intrinsic value is an obstacle to the establishment of public environmental policies. Contrary to this belief, we will argue that this notion can play an essential part in environmental ethics as a common ground for establishing global politics able to respond to international environmental issues. For this purpose, we will first present the pragmatic approach and its arguments against the use of intrinsic value in nature. On this basis, we will then criticize some aspects of environmental pragmatism in order to show that this position is not flawless and that some shortcomings could be remediated with the use of the notion of intrinsic value in nature. The inadequacy of a purely pragmatic position in regard to global environmental threat having been shown, we will finally present the notion of intrinsic value in nature as conceived by J. Baird Callicott. This presentation will give us the essentials tools to establish the metaphysical foundation of the intrinsic value for species. We will finally show, with the help of Willis Jenkins position, that environmental pragmatism can be compatible with the use of intrinsic value in nature. Intrinsic value in nature can play a crucial role in environmental ethics and we should consequently resist to those who treat this notion as irrelevant.