Do investment portfolios meet the needs and preferences of investors? Can the portfolio selection process be improved? Traditionally, investor preferences have been identified using risk tolerance questionnaires. These questionnaires have recently attracted a fair deal of criticism. However, there has been little focus as to whether the questionnaires are useful in predicting investors' risk-taking behaviour. In this thesis, an explanatory sequential mixed methods approach was employed to find answers to the primary research question: what factors determine risk-taking behaviour in investment decisions? This thesis looked at the risk-taking behaviour of investors in Canada (N=192) and the risk-taking advice provided by financial advisers in Canada (N=155), collectively risk-taking decisions. The results suggested that return expectations and demographic variables were important predictors of risk-taking decisions, whereas risk tolerance questionnaires were not. Further investigation suggested that investment literacy impacted risk-taking decisions while investment experience impacted both return expectations and risk-taking decisions. In a novel contribution by this thesis, additional perspective was provided by qualitative analysis using semi-structured interviews with investors and advisers. From the results of the qualitative analysis, the author suggests that discovery and self-discovery, a consistent approach and a focus on process versus outcome are key attributes valued by both investors and advisers. The thesis concluded with implications and recommendations for stakeholders, including a greater focus on return expectations, more training in discovery for advisers, simulating investment experience for prospective investors and including investment literacy in school curricula.

The aim of this study was to evaluate the effectiveness of selected investment project to assess the impact of the project on the profitability and financial stability podniku.Diplomová work deals with the specific investment objective, which is the purchase of machinery. Based on the financial analysis is to assess the situation. This is done with the help of indicators of profitability, activity, leverage and liquidity. Then, the paper deals with clarifying the cash flows selected machinery, which are capital expenditures, income and expenses arising from the investment. Furthermore, there is a proper evaluation of the investment project. In conclusion, the assessed risk of the project.

Submitted by Felipe Diogo Camêlo (fdiogo.camelo@gmail.com) on 2018-07-05T15:41:51Z No. of bitstreams: 1 Tese_FelipeDiogoCamelo.pdf: 649864 bytes, checksum: 09e2d4e77981e76ab7aa60bb997240aa (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2018-07-06T13:46:37Z (GMT) No. of bitstreams: 1 Tese_FelipeDiogoCamelo.pdf: 649864 bytes, checksum: 09e2d4e77981e76ab7aa60bb997240aa (MD5) / Made available in DSpace on 2018-07-16T20:13:16Z (GMT). No. of bitstreams: 1 Tese_FelipeDiogoCamelo.pdf: 649864 bytes, checksum: 09e2d4e77981e76ab7aa60bb997240aa (MD5) Previous issue date: 2018-04-27 / Using firm-level data from an administrative Brazilian dataset, I document a few stylized facts regarding capital stock accumulation patterns and investment decisions. Finding evidence largely in favor of micro-level lumpiness of investment as it was found for American firms, I document that there are a few particularities in the behavior of Brazilian firms. First, I document that the distribution of the growth rate of capital is more dispersed, with “fatter” tails. Second, I also show that, as economic activity, the volume of investment and capital stock are more concentrated on a small number of firms, micro-level lumpiness might have a bigger role in understanding aggregate movements. Third, I show that the observable characteristics of Brazilian firms explain a lot more of sudden movements in capital growth when compared to the U.S., after controlling for industry specific characteristics and other variables. Fourth and last, I compute statistical measures related to the investment rate distribution, which show that investment at the firm-level seems to be even “lumpier” in Brazil, with firms investing less on average, while experiencing more episodes of investment spikes and periods of inaction.

No description available.

Diploma thesis deals with options of development of the transport company MK Doprava. Using strategic analysis evaluates his current position and suggest realisation of investment project, whose economic efficiency is measured by net present value method.

To redirect capital flows towards sustainable investments, the European Union (EU) has implemented the EU Taxonomy, a classification system with definitions for sustainable economic activities. The Taxonomy constitutes a part of the European Green Deal, which is an initiative to transition the EU towards sustainability and competitiveness. The EU Taxonomy is intended to be used by investors when assessing companies to identify sustainable investment opportunities. Investors have great significance in what impacts the EU Taxonomy will have since the regulation relies on investors using it as a tool when assessing whether to invest in a company or not. Additionally, many companies rely on investors for financial support, and it is therefore essential for companies to have information about to what degree investors will integrate the EU Taxonomy in their investment decisions. There is an information gap between companies and investors where companies lack knowledge about how investors will use the Taxonomy to select which companies to invest in.   The aim of the study is to investigate how the EU Taxonomy is affecting investment decisions of Nordic investment firms and institutional investors. Furthermore, the aim is to examine in what ways the EU Taxonomy will shape the future of sustainable investments and how companies utilize the EU Taxonomy to enhance their attractiveness to investors. A qualitative approach has been used in the thesis, and data constituting the results was collected through 12 semi-structured interviews with investors. In conclusion, all interviewed investors have an interest in promoting sustainable investments. The EU Taxonomy has, moreover, been positively received by investors since many of them have been requesting a tool to define sustainable economic activities. 11 of 12 investors in the study, use the EU Taxonomy when evaluating companies to make investment decisions. However, investors are currently evaluating a variety of factors when assessing companies, such as additional ESG performance indicators. Further, investors consider that the Taxonomy cannot exclusively be used when analyzing companies since it is a narrow tool, excluding multiple economic activities and sectors. A high Taxonomy alignment will be a considerable factor for some investors as they believe that companies with high alignment will be more successful. Other investors will continue to invest in companies with low alignment because these companies have potential to become more sustainable over time. All investors are, however, united in that the most important thing is that companies have an ambition to reach a higher alignment. Further, investors have varying approaches when it comes to prioritizing the environmental objectives when assessing companies' sustainability performance. Some investors value how many and which environmental objectives a company contributes to depending on the company´s operations, while others have not yet considered it. The EU Taxonomy´s significance in the future for sustainable investments will depend on different factors, for example the reporting of alignment. Provided that investors integrate the Taxonomy in their decision making, the framework will likely increase the share of investments which take sustainability aspects into account. However, since the EU Taxonomy only covers companies in the EU and exclude sectors, it is questionable how great significance the regulation will have for sustainable investments on a global scale. Lastly, there are several opportunities for companies to become more attractive to investors by working strategically with the EU Taxonomy and communicate ambitions to reach a higher alignment. The results highlight the importance of companies adapting their business model to the Taxonomy and establishing long-term plans for how to reach a higher share of alignment. Companies can, moreover, improve their attractiveness to investors by improving their Taxonomy data collection and presenting the data in an easily accessible way.

Bakgrund: Förändringar i omvärldsfaktorer så som ränta och inflation har skapat förändringar av faktorer i investeringskalkyler. Detta påverkar riskbenägenheten hos företagen, hur påverkar detta investeringsviljan och hur ändrar det förutsättningar för nuvarande investeringar. Beteende hos beslutsfattare kan reflekteras i bolags prestation. Syfte: Syftet var att förstå och förklara hur förändrade faktorer påverkar förutsättningar för en investering. Utöver det utreddes hur chefers psykologiska aspekter påverkar investeringsbeslut och på vilket sätt de går till väga. Genomförande: Studien är av kvalitativ karaktär. Empiriska data insamlades från fem semistrukturerade intervjuer med respondenter som är i ledningsroll i olika företag inom olika branscher. Slutsats: Investeringar utvärderas under investeringens livslängd ifall investeringen ska fortgå. Vissa beslutfattare låter psykologiska faktorer påverka deras investeringsbeslutsfattning. Investeringsbeslut bör grundas i investeringskalkyler för att säkerhetsställa att en investering har bra utfall / Background: Changes in external factors such as interest rates and inflation have led to alterations in the factors considered in investment calculations. This affects the risk appetite of companies, influencing their willingness to invest and altering the conditions for current investments. Decision-makers' behavior can be reflected in a company's performance. Purpose: The purpose was to understand and explain how changing factors impact the conditions for an investment. Additionally, the study investigated how psychological aspects of managers affect investment decisions and their approach to the process. Methodology: The study has a qualitative nature. Empirical data was collected through five semi-structured interviews with respondents holding managerial positions in various companies across different industries. Conclusion: Investments are evaluated throughout their lifespan to determine if they should continue. Some decision-makers allow psychological factors to influence their investment decision-making. Investment decisions should be based on investment calculations to ensure favorable outcomes

I och med att bygg- och fastighetssektorn står för en betydande andel av Sveriges miljöpåverkan har aktörer inom branschen stora möjligheter att genom miljömässiga investeringar påverka fastigheternas klimatavtryck. Grundtanken är att investeringar genomförs om de är lönsamma men eftersom syftet med miljöinvesteringar även är att uppnå positiva miljöeffekter spelar mer än den ekonomiska aspekten roll. Privat verksamhet drivs i vinstsyfte och sedan lagen om allmännyttiga kommunala bostadsaktiebolag trädde i kraft 2011 ska även de allmännyttiga bostadsbolagen driva sin verksamhet enligt affärsmässiga principer för att inte sätta konkurrensen på marknaden ur spel. Affärsmässighet och samhällsansvar ska därmed kombineras. Syftet med studien är därmed att undersöka och få en fördjupad förståelse för vad miljöinvesteringar i fastigheter innebär samt vad som påverkar ett bostadsbolags miljöinvesteringsbeslut. Huvudfrågeställningen fokuserar på hur miljöinvesteringsbeslutet påverkas av att företaget är privat eller kommunalt. Vidare utreds även hur miljöinvesteringar skiljer sig från övriga investeringar i fastigheter när det gäller beslutsprocessen och bedömning samt vad som hade kunnat få fler miljöinvesteringar att genomföras. Studien är baserad på semistrukturerade intervjuer med tio respondenter från sju fastighetsbolag i Stockholmsområdet. Studien har visat att begreppet miljöinvesteringar i fastigheter ännu inte är helt definierat men främst handlar om åtgärder kopplat till energieffektivisering. Investeringsprocessen följer till största del samma process som övriga investeringar och samma beräkningsmetoder används men fler perspektiv tas in när det kommer till att ta beslutet. Avgörande faktorer för miljöinvesteringsbeslutet kan delas upp i kategorierna; lönsamhet och besparingar, företagets styrning, krav och mål, hyresgäster samt fastigheternas konstruktion. Ett bostadsbolags miljöinvesteringsbeslut påverkas av att företaget är privat eller kommunalt genom företagets styrning och syfte med verksamheten. I sin tur påverkar det synen på de avgörande faktorerna, främst i vilken grad lönsamhetskravet inte behöver uppnås och hyresgästernas inflytande på beslutet. Synen på miljökrav och en minskad miljöpåverkan påverkas inte av att företaget är privat eller kommunalt. / Since the construction and real estate sector accounts for a significant part of Sweden’s environmental impact, actors in the industry have great opportunities to influence buildings’ climate footprint through environmental investments. The basic idea is that investments are made if they are profitable, but since the purpose of environmental investments also is to achieve positive environmental effects, more than only the economic aspect matters. The goal of private companies is to make profit and since 2011 the municipal housing companies in Sweden must act according to business principles as well in order to maintain competition in the market. Business and social responsibility must therefore be combined. The purpose of the study is to gain an understanding of what environmental investments in buildings are and to analyse what influences a housing company’s environmental investment decision. The main issue focuses on how the environmental investment decision is affected by the company being private or municipal. Furthermore, the study investigates how environmental investments differ from other investments in buildings in terms of the decision process and also what could have led to more environmental investments being implemented. The study is based on semi structured interviews with ten respondents from seven housing companies in the Stockholm area. The study has shown that the concept of environmental investments in buildings is not yet fully defined but mainly is about measures related to energy efficiency. Environmental investments follow the same process as other investments and the same calculation methods are used, but more perspectives are considered when it comes to the decision making. Decisive factors for the environmental investment decision can according to this study be divided into the categories; profitability and savings, the corporate governance, requirements and goals, tenants and the construction of the buildings. A housing company’s environmental investment decision is affected by the company being private or municipal through the company’s governance and purpose. This affects the view of the decisive factors, mainly to what extent profitability requirements do not need to be met and the tenants’ influence on the decision. The view of environmental requirements and reduced environmental impact is not affected by the company being private or municipal.

In March 2011, the European Commission submitted a proposal for a Council Directive on an optional common consolidated corporate tax base (CCCTB). If this proposed CCCTB system comes into force, taxes calculated under the currently existing system of separate accounting might be replaced by a system of group consolidation and formulary apportionment. Then, multinational groups (MNGs) would face the decision as to whether to opt for the CCCTB system. Prior research focuses mainly on the differences in economic behaviour under both systems in general. By con-trast, we study the conditions under which one or the other tax system is preferable from the per-spective of an MNG, with a particular focus on loss-offsets. We identify four effects that determine the decision of an MNG: the tax-utilization of losses, the allocation of the tax base, the dividend and intragroup interest taxation. We find mixed results, e.g., that the CCCTB system proves ad-vantageous for increasing loss/profit streams (e.g. from start-ups or R&D projects) of the individual group entities, whereas the system of separate accounting is beneficial for decreasing profit/loss streams (e.g. caused by a decrease in return from a mature product). The results of our analysis are helpful for MNGs facing the decision as to whether to opt for the CCCTB system and can also support legislators and politicians in the EU but also in other regions in their tax reform discussions. (authors' abstract) / Series: WU International Taxation Research Paper Series

Syfte: Syftet med studien var att undersöka investeringsbeslut inom designbranschen och skapa en större förståelse kring investeringsbesluten i designbyråer samt uppmärksamma designbyråer att investeringar kunde vara en konkurrenskraft. Teoretisk referensram: Studien behandlade olika investeringstyper, Porters fem konkurrenskrafter, risk, osäkerhet och lönsamhet. I uppsatsen användes också sju tidigare forskningar kring dessa områden samt forskning inom SME-företag, investeringsbeslut samt hur känslor påverkade vid beslutsfattande av investeringar. Metod: I uppsatsen har en deduktiv forskningsansats brukats. Studien genomfördes med en kvalitativ forskningsmetod i form av intervjuer med tio designbyråer. Kraven för designbyråerna var att de skulle ha olika arbetsområden i Stockholms innerstad samt att de skulle innefatta minst fyra anställda. Ytterligare ett krav var att de skulle ha välkända kunder. Intervjuerna genomfördes personligen, per telefon samt via mail. I studien tillämpades en komparativ metod för att kunna jämföra likheter och skillnader mellan designbyråerna samt finna kopplingar mellan designbyråers investeringar och beslutsfattandet kring dem. Resultat: Studien resulterade i att investeringar i personal samt kompetens var den största samt viktigaste investeringen då åtta av tio designbyråer nämnde det. Sex designbyråer gjorde investeringar i lokal och kontor och fyra designbyråer utförde expansionsinvesteringar. Tre av tio designbyråer använde sig av exempelvis kalkyler eller return on investment vid investeringsbeslut. För sex av designbyråerna spelade känslor in vid beslut av en investering. Åtta av dem ansåg att en investering var lönsam när intäkten översteg kostnaden för investeringen. Sju av designbyråerna såg investeringar som en risk men främst som en möjlighet. Slutsats: Designbyråer i Stockholm gjorde investeringar i främst personal, lokal, resor, expansion och datorer för att generera värde vilket också gjorde investeringen lyckad. Strategiska planeringen bestod främst av budgetering samt ett fåtal designbyråer utförde kalkyler. Det som var avgörande vid beslutsfattande var ekonomiska och emotionella värden. En investering sågs som lönsam när intäkten översteg kostnaden. Designbyråer såg investeringar främst som möjligheter men som behövde vägas gentemot risken. Jämfört med den finansiella teorin och designbyråers syn på investeringar skiljde sig inte speciellt mycket men hur besluten fattades skiljde sig markant. / Purpose: The purpose of this paper was to examine investment decisions in the design industry to provide greater comprehension on investment decisions in the design agencies and to notice design agencies that investments were a competititiveness.   Theoretical framework:The paper examined different types of investments, Porter’s five forces, risk, uncertainty and profitability. The paper also applied seven previous researches on these areas and also researches in SME, investment decisions and how feelings affected investment decisions. Methodology: A deductive research approach has been used in this paper. The study was conducted by a qualitative research method which included interviews with ten design agencies. The requirements for the design agencies included different work areas in Stockholm inner city and the design agency had to have at least four employees. Another requirement was that they had to have wellknown customers. There were face-to-face interviews, interviews by e-mail and telephone. The study was made by a comparative method to make comparisions between design agencies to find similarities, differences and connections between investments which design agencies made and eventually the decision making. Results: The results of the study demonstrated that investment in employees and competence was the greatest investment according to eight of ten design agencies. Six of the design agencies invested in premises and offices and four of ten made investments in expansion. Three of ten design agencies used calculations or return on investment while making investment decisions. It was found that six of ten design agencies included feelings in making investment decisions. Eight of ten considered that an investment was profitable when revenue exceeded the cost of the investment. Seven of the design agencies considered investments as a risk but mainly as an opportunity.   Conclusion: Design agencies in Stockholm invested mainly in employees and even in offices, business trips, expansion and computers to generate value which also lead to a successful investment. Strategic planning mainly consisted of budgeting as well as a few design agencies performed calculus. Economic and emotional values were a decisive factor in investment decisions. An investment was considered as profitable when revenue exceeded the cost. Design agencies primarly considered investments as opportunities but they needed to be in balance with the risks. The design agencies’ view of investments compared to the financial theory did not differ very much but how the decisions were made differed significantly.