Under the current regulatory regime for insurance undertakings, Solvency I, the required capital margin does not depend on the allocation of investments, i.e. it is not sensitive to market risk arising from the volatility of market prices for e.g. equity, bond or real estate investments. To improve the protection of policyholders and create a unified regulatory regime in all countries of the European Economic Area (EEA), a risk-sensitive, forward-looking and principle-based regulatory accord for insurance undertakings called Solvency II will replace the current regime by 01.01.2016. Unlike Solvency I, Solvency II requires the backing up of any investment in risky assets with risk capital rather than imposing investment limits. Own funds eligible to cover the solvency capital requirements under Solvency II shall be based on the difference of market-consistently valuated assets and liabilities in the Solvency II balance sheet. In this thesis, I first summarize academic contributions as well as opinions from industry representatives on the expected consequences of the current calibration of the Solvency II standard formula. The accuracy of the calibration itself is another focal point of this work. This work contains four scientific papers. The first paper examines the presence of contagion effects between Eurozone countries in the period 2008-2012. In a market-consistent valuation approach like Solvency II contagion effects intensify the volatility of own funds and therefore of the solvency ratio of insurers. The intensity of contagion peaked in 2010 and first half of 2011 but decreased subsequently which is likely to be a consequence of bailout measures by the EU and the IMF and ECB interventions. The second and third paper address the zero risk charge for sovereign debt issued by EU member states assumed under the Solvency II standard formula. If one accepts German bond yields to be a risk-free asset, using modern cointegration techniques I showed that bonds of only one third of EU member countries can be perceived as risk-free as well. The fourth paper provides evidence for convergence in the shock-response-behavior of the stock indices of Germany, UK and France during the past decades, which in turn indicates support for the assumption of a perfect tail correlation between listed equity in the Solvency II standard formula.

The purpose of this thesis is to identify areas where the present production process can be more effective with the help of automation solutions and how this efficiency can contribute to improved productivity, quality, safety and ergonomics. Today, Hitachi ABB Power Grids has a manual manufacturing process for customized power transformers and seeks to meet a demand that requires a more automated approach. The research problem deals with five workstations for Hitachi ABB Power Grids production process of the internal components of power transformers. These workstations are connectors (A-donet), core stacking (including core cutting), winding, active part assembly and final assembly.  The study's questions are, 1. how should Hitachi ABB Power Grids manually based production process be more effective through automation solutions? and 2. which automation solution meets the best requirements of increased productivity, quality, safety and ergonomics with acceptable profitability? To answer these questions and achieve the thesis purpose, the study was carried out in the form of a qualitative case study, which data was collected via documents, observations, interviews and literatures.  Hitachi ABB Power Grids current production process was studied and a dialogue was held with the employees. Consequently, the obstacles that have prevented Hitachi ABB Power Grids from implementing automation were identified. Together with a market description, several concept proposals have been brainstormed. Core-laying machine is a potential automation solution in Hitachi ABB Power Grids production but is not taken into account based on the company's needs. The study resulted in Augmented Reality (AR) in the production process for increased communication. A complete solution is discussed to avoid a shifting effect that can occur when automating only one workstation. If the company implements the core-laying machine, the bottleneck will disappear at this workstation where pre-cut sheet metal is waiting to be used. Consequently, a new bottleneck would arise at the winding which would not be able to maintain the same speed, thus more cores can be manufactured than to be wound. To maintain the same productivity, the total workstation area of the winding should be widened and make room for more winding stations. The workforce that was previously at the core, can be trained to become a winding worker which can be made more efficient by letting the workers be trained in a mixed reality. The conclusion is that Microsoft's AR equipment, HoloLens 2 Remote Assist, is the automation solution that best meets the requirements of increased productivity, quality, safety and ergonomics. An investment in this information technology solution would result in a payback period of 12 months. / Syftet med detta examensarbete är att identifiera områden där den nuvarande produktionsprocessen kan effektiviseras med hjälp av automationslösningar och hur denna effektivisering kan bidra till förbättrad produktivitet, kvalitet, säkerhet och ergonomi. Idag har Hitachi ABB Power Grids en manuell tillverkningsprocess avseende kundanpassade krafttransformatorer och de försöker bemöta en efterfrågan som kräver ett mer automatiserat tillvägagångssätt. Studiens problemställning behandlar fem arbetsstationer för tillverkning av de inre komponenterna av krafttransformatorer. Dessa arbetsstationer är anslutningsdon (A-don), kärnläggning (inklusive kärnklippning), lindning, aktiv delmontage och slutmontage.  Studiens frågeställningar är, 1. hur bör Hitachi ABB Power Grids manuellt baserade produktionsprocess effektiviseras genom automationslösningar? och 2. vilken automationslösning uppfyller bäst kraven på ökad produktivitet, kvalitet, säkerhet och ergonomi med godtagbar lönsamhet? För att besvara dessa frågeställningar och uppnå studiens syfte, genomfördes examensarbetet i form av en kvalitativ fallstudie, vilket medförde att data insamlades via dokument, observationer, intervjuer och litteraturer.    Hitachi ABB Power Grids nuvarande process studerades och en dialog fördes med de anställda. Följaktligen identifierades hinder som har gjort att Hitachi ABB Power Grids ännu inte har implementerat automatisering. Tillsammans med en marknadsbeskrivning, har flertal konceptförslag brainstormats fram. Kärnläggningsmaskin är en potentiell automationslösning hos Hitachi ABB Power Grids produktion, men har selekterats bort utifrån företagets behov. Studien resulterade i förstärkt verklighet (AR) i produktionsprocessen för ökad kommunikation. Det diskuteras en helhetslösning för att undvika en förskjutningseffekt som kan uppstå vid automatisering av endast en arbetsstation. Om företaget implementerar kärnläggningsmaskinen, försvinner flaskhalsen vid denna arbetsstation där färdigklippt plåt väntar på att nyttjas. Följaktligen skulle en ny flaskhals uppstå vid lindningen som inte skulle kunna upprätthålla samma hastighet, därmed kan fler kärnor tillverkas än vad som hinner lindas. För att hålla samma produktivitet bör lindningens totala arbetsstationsyta vidgas och göra plats för fler lindningsstationer. Arbetskraften som tidigare befunnit sig vid kärnläggningen, kan läras upp till att bli lindare som i sin tur kan effektiviseras genom att låta arbetstagarna läras upp i en mixad verklighet. Slutsatsen är att Microsofts AR-utrustning, HoloLens 2 Remote Assist, är den lösning som uppfyller bäst kraven på ökad produktivitet, kvalitet, säkerhet och ergonomi. En investering i denna informationstekniska lösning skulle resultera i en återbetalningsperiod på 12 månader.

The provision of global bank capital and its governance has undergone dramatic changes in the last two decades. There has been a growing awareness among companies to address the environmental, social and governance issues to contribute to sustainable development. Several studies have been conducted that address the need to merge sustainability into business strategies. The banking sector is increasingly taking measures to make banking operations more sustainable, as an important tool for addressing issues of sustainable development, but also as a marketing tool. From 10 March 2021, with an implementation period until 1 January 2023, new rules on sustainability‐related disclosures in the financial services sector, were applied in the European Parliament, also known as SFDR (2019/2088/EU). The purpose of SFDR is that the new requirements will lead to a more coherent design of sustainability-related information within the financial market. The requirements refer to, among other things, that finance companies must provide information on the proportion of sales from products or services related to economic activities that are environmentally sustainable. Although the regulation indicates different types of obligations regarding what is to be disclosed and reported, this regulatory framework still lacks a clear path for the application of financial market participants, which generated the research question “What challenges do Swedish credit market companies face related to sustainability risks according to EU regulation SFDR sustainability-related information?”   To investigate the subject, a qualitative research method was applied with an abductive research method. In-depth interviews were conducted with a sample of employees at a credit market company that is under the supervision of Finansinspektionen, which are thus affected by SFDR. These interviews were supplemented by an interview with an employee at Finansinspektionen who is active in banking/sustainability. The interviews gave results in the form of identified challenges, the greatest were within; (i) lack of knowledge about sustainability in the financial industry, (ii) the introduction of SFDR in financial institutions, (iii) data management, (iv) maintenance of regulatory compliance, and (v) investment decisions related to sustainability. The analysis provided indications that challenges that were identified in previous research could be confirmed and extended. The analysis illuminated questions such as, there is a difficulty to know how the end customer works with sustainability, how far should the finance companies go in their investigations when granting credit? Several of the respondents agreed that it is difficult to make such an assessment and how far down the chain the analyzes should go; who will be ensuring quality assurance in the next stage and take care of the supervision of it?   The conclusions of this study are that the identified challenges are found mainly within; (i) the competence in sustainability in the financial industry, (ii) an increased use of resources, (iii) the collection and creation of data, and (iv) to systematize the sustainability work throughout the businesses. / Tillhandahållandet av globalt bankkapital och dess styrning har genomgått dramatiska förändringar de senaste två decennierna. Det har funnits en växande medvetenhet bland företag att ta itu med miljö-, sociala- och styrningsfrågor för att bidra till en hållbar utveckling. Det har gjorts ett flertal studier som behandlar behovet av att införliva hållbarhet i verksamheters strategier. Banksektorn vidtar i allt högre grad åtgärder för att göra bankverksamheten mer hållbar, som ett viktigt verktyg för att ta itu med frågor om hållbar utveckling, men även som ett marknadsföringsverktyg. Från och med den 10 mars 2021, med en infasningsperiod fram till och med 1 januari 2023, tillämpades nya regler om lämnande av hållbarhetsrelaterade upplysningar på värdepappersmarknaden i Europaparlamentets och rådets förordning, även kallad SFDR (2019/2088/EU). Syftet med SFDR är att de nya kraven ska leda till en mer sammanhållen utformning av hållbarhetsrelaterad information på värdepappersmarknaden. Kraven avser bland annat att finansbolag ska lämna upplysningar om hur stor andel av omsättningen från produkter eller tjänster relaterade till ekonomisk verksamhet som anses vara miljömässigt hållbar. Trots att förordningen indikerar olika typer av skyldigheter när det gäller vad som ska avslöjas och rapporteras, saknar detta nya regelverk fortfarande en tydlig väg för tillämpning av finansmarknadsaktörer, vilket genererade forskningsfrågan ”Vilka utmaningar står svenska kreditmarknadsbolag inför relaterat till hållbarhetsrisker enligt EU:s förordning SFDR om hållbarhetsrelaterade upplysningar?”   För att undersöka ämnet tillämpades en kvalitativ forskningsmetod med en abduktiv undersökningsmetod. Djupintervjuer genomfördes med ett urval av anställda på ett kreditmarknadsbolag som går under Finansinspektionens tillsyn, som således blir berörda av SFDR. Dessa intervjuer kompletterades med en intervju med en anställd hos Finansinspektionen som är verksam inom bank/hållbarhet. Efter de genomförda intervjuerna gav de resultat i form av identifierade utmaningar, de största var inom; (i) brist på kunskap om hållbarhet i finansbranschen, (ii) införandet av SFDR i finansiella institut, (iii) utmaningar vid datahantering, (iv) upprätthållande av regelefterlevnad, och (v) utmaningar vid investeringsbeslut relaterat till hållbarhet. Analysen gav indikationer på att utmaningar som påtalats i tidigare forskning kunde bekräftas och även utvidgas. Däribland, är det svårt att veta hur slutkunden arbetar med hållbarhet, hur långt ska finansbolagen gå i sina undersökningar vid kreditgivning? Flera av respondenterna höll med om att det är svårt att göra en sådan bedömning och hur långt ned i kedjan analyserna ska gå. Frågan blir vem det är som kvalitetssäkrar i nästa led och sköter tillsynen av det?   Slutsatserna av den här studien att de identifierade utmaningarna återfinns främst inom; (i) kompetensen inom hållbarhet i finansbranschen, (ii) en ökad resursanvändning, (iii) inhämtning och skapande av data, samt (iv) att systematisera hållbarhetsarbetet i hela verksamheten.

Digitalisering, datainsamling och de kraftigt utökade databaser som idag finns tillgängliga är något som resulterat i stora förändringar i hur man arbetar, detta gäller många branscher och inte minst fastighetsbranschen. Den ökade mängden tillgängliga data är ett stort hjälpmedel när det kommet till att ta beslut. För att på bästa sätt ta vara på all denna data krävs det dock att nya metoder och verktyg utvecklas eller gamla anpassas. Oavsett hur mycket data som finns tillgänglig kommer det dock alltid finnas osäkerheter att ta hänsyn till. Stokastiska modeller har tagits fram just för att hantera både stora mängder data och som hjälpmedel för att uppskatta osäkerhet. Idag används stokastiska modeller inom många olika branscher såsom finans, medicin samt inom forskning i fysik, matematik och statistik. Än idag har de dock en mycket liten roll när det kommer till investeringsbeslut inom fastighetsbranschen Syftet med detta arbete är att undersöka om stokastiska modeller i framtiden kommer att ha en större roll när det kommer till investeringsbeslut inom fastighetsbranschen, samt vad den idag begränsade användningen beror på. Dessutom syftar arbetet på att belysa de skillnader, samt för- och nackdelar som finns hos och mellan deterministiska och stokastiska modeller tillämpade för att assistera beslutsprocessen kring investeringar i fastigheter. Det kommer göras dels genom en intervjustudie med verksamma inom branschen med erfarenhet av arbete med investeringsbeslut. Detta för att höra deras syn på huruvida det idag finns ett motstånd mot stokastiska modeller och om de tror att stokastiska modeller kommer ha en större roll i framtiden. Men också genom en litteraturstudie av tidigare arbeten. Slutsatsen från arbetet är det tydligt att det finns skillnader mellan deterministiska och stokastiska modeller, något som även gör att det till viss del ger olika resultat, även om avvikelserna som betraktades under detta arbete inte var speciellt omfattande. Detta kan stöttas av Jensen`s Inequality samt The Flaw of Averages, vilket tyder på att det kan var så att både risk och möjlighet idag under- eller överskattas. När det kommer till stokastiska modellers framtid inom investeringsbeslut i fastigheter var respondenterna relativt eniga i att de inte skulle bli någon större skillnad mot idag. Detta skulle dock kunna förändras om några skulle börja använda modellerna då detta skulle kunna leda till att fler följer efter. Effekten skulle också kunna accelereras om digitalisering, förbättrade databaser och AI skulle ge modellerna möjlighet att uppskatta mjuka parameter och ta med dessa i sina beräkningar. / Digitalization, data collection and the significantly increased databases that today are accessible have resulted in new work methods in several different industries, one of them being the real estate industry. The increased amount of data accessible can assist in a lot of different situations, for example being a great basis for decision making. To be able to utilize the data in the best way possible, however, either new methods and tools or a change in current methods to adapt to the new conditions that exist is needed. These methods also must be able to handle uncertainty since it will always exist, no matter the amount of data. Stochastic models are previously developed to do just that, handle large amounts of data and at the same time work as a tool for working with uncertainty. Stochastic models are today used in a lot of different industries including finance, medicine, and computer science but also to assist research in mathematics, physics, and statistics. Still today, however, the use is very limited when it comes to real estate investments. The aim of this thesis is to research the possibility of an increased use of stochastic models in real estate investments in the future and the reason for it being very limited today. The thesis also aims to illustrate the differences between deterministic and stochastic models and the pros and cons that follows. To achieve this several interviews with real estate professionals with experience in investment decisions were conducted. In addition to this a literature review was made to analyze previous work on the topic and to collect information considering the differences between deterministic and stochastic models. To summarize the results from this study there are some clear differences between deterministic and stochastic models which in this case also lead to different results, even if it in this study is a minor difference. This finding is supported by Jensen’s Inequality and The Flaw of averages which shows that models used today may both under- and overestimate both the risk and opportunity of an investment. When it comes to the future of stochastic models in real estate investments the respondents were quite united in their believe that not much will change from today. This could change however, if some started to use the models many thought other would follow. This effect might also be accelerated if digitalization, increased databases, and AI could result in better estimates of soft parameters and use it in its calculations.

Sociala medier har utvecklats till kraftfulla plattformar för informationsutbyte som många människor förlitar sig på för att hitta information för potentiella investeringar. Sociala medier är relativt okontrollerade och innehåller en stor del falsk information. Syftet med studien är att beskriva och analysera sambandet mellan information från sociala medier och privata investerares beslut på den finansiella marknaden och att analysera fem beteendeekonomiska fördomar, flockbeteende, överdriven självsäkerhet, förankring, rädslan att missa något och ekokammare, och analysera vilken roll de spelar i beslutsprocessen från sociala medier till investeringsbeslut. Den teoretiska referensramen och det empiriska underlaget utgår från det beteendeekonomiska paradigmet och studier om information från sociala medier och investeringsbeslut för att skapa en övergripande bild över sambandet mellan sociala medier och investeringsbeslut. En kvantitativ forskningsmetod tillämpades och data samlades in genom en enkätundersökning som distribuerades på sociala medier och via Mittuniversitetets egna kanaler. Sammantaget svarade 163 respondenter och efter att datauppsättningen rensades från felaktig och ofullständig data kvarstod 125 respondenter. Datan analyserades sedan i frekvenstabeller och regressions- och moderationsanalyser. Studiens resultat tyder på att investerare som i högre utsträckning förlitar sig på information från sociala medier som informationskälla tenderar att fatta mindre framgångsrika investeringsbeslut. Dessutom indikerar resultaten att detta negativa samband förstärks av förankring och rädslan att missa något. / Social media has evolved into powerful information sharing platforms that many people rely on to find information for potential investments. Social media is relatively uncontrolled and contains a large amount of false information. The purpose of the study is to describe and analyze the relationship between information from social media and private investors' decisions in the financial market and to analyze five behavioral economic biases, herd behavior, overconfidence, anchoring, the fear of missing out and echo chambers, and analyze the role they play in the decision-making process from social media to investment decisions. The theoretical frame of reference and the empirical basis are based on the behavioral economic paradigm and studies on information from social media and investment decisions to create an overall picture of the connection between social media and investment decisions. A quantitative research method was applied and data was collected through a survey that was distributed on social media and via Mid Sweden University's channels. Overall, 163 respondents responded and after the data set was cleaned of incorrect and incomplete data, 125 respondents remained. The data were then analyzed in frequency tables and regression and moderation analyses. The study's findings suggest that investors who rely more heavily on information from social media as a source of information tend to make less successful investment decisions. Furthermore, the results indicate that this negative relationship is reinforced by anchoring and the fear of missing out.

Yes / This paper examines whether and how bidders' conservative tone in 10-K filings influences the subsequent mergers and acquisitions (M&A) investment decisions of these US firms from 1996 to 2013. Based on 39,260 firm-year observations, we find, consistent with behavioural consistency theory, that conservative bidders are less likely to engage in M&A deals. Further, those that decide to engage in M&As are likely to acquire public targets and within-industry firms. These bidders are inclined to employ more stock acquisitions than cash acquisitions. Our results also indicate that conservative bidders experience abnormally poor stock returns around the announcements of M&A investments. This provides new insights on the mechanism through which bidders' sentiments influence shareholders' wealth. Overall, these findings highlight the implications of the textual sentiment of corporate disclosure for the forecasting of corporate investment and financing decisions. Our results have practical implications, since they shed light on the value relevance of the information content of major Securities Exchange Commission (SEC)-mandated 10-K filings.

Cette thèse est constituée de quatre chapitres distincts. Le premier chapitre présente un travail écrit en collaboration avec Christophe Spaenjers. Nous montrons que les individus avec une espérance de vie subjective qui est plus longue, ont une fraction d'actions conditionnelles qui est augmentée.L'effet d'une espérance de vie qui diminue est atténué par des motifs de légation.Dans le deuxième chapitre, j'étudie l'importance de la séquence de naissance pour les décisions financières.Je montre que les aînés diffèrent de leurs frères et soeurs par leurs décisions.Les résultats accentuent l'importance des expériences familiales pour les choix des agents. Dans le troisième chapitre, je montre que la présence d'un entourage diminue la probabilité d'une réponse, et augmente la propension d'une auto-évaluation exagérée des aptitudes. Cette observation implique une sous-estimation de l'importance de l'aplomb pour le comportement des individus. Le quatrième chapitre est le résultat d'une collaboration avec Thomas Bourveau et François Brochet.Nous identifions les plaintes dont les plaignants allèguent que l'entreprise ait caché une mauvaise performance liée à une acquisition. Utilisant la proclamation des plaintes comme un traitement de l'industrie, nous trouvons des résultats cohérents avec un effet disciplinant le comportement d'investir des autres dirigeants de l'industrie / This dissertation consists of four distinct chapters.The first chapter presents the joint work with Christophe Spaenjers.We find that individuals with longer subjective life horizons hold higher conditional equity shares, and the effect of a shortening life horizon on portolio choice is offset by bequest motives. In the second chapter,I examine the explanatory power of birth order to financial household decisions. I show that firstborns differ in their financial decision-making from later born siblings. The results highlight the importance of personal family experiences for household choices. In the third chapter,I document that, in surveys, the presence of companions decreases the probability of respondents replying, and increases the probability of respondents overreporting their self-assessed abilities. The overreporting leads to a downward bias in the estimates of the importance of overconfidence for individuals' behavior. The fourth chapter presents joint work with Thomas Bourveau and François Brochet. We identify M&A lawsuits, where plaintiffs allege that the firm hid poor performance related to prior acquisition. Using the filing of a lawsuit as an industry shock, we show findings consistent with a disciplining effect from the lawsuit for the investment behavior of peer firms' managers

The background of our thesis is the fact that properties and their related industry have a big negative impact on our environment. Since the real estate business is an important part of how the society is constructed, environmental solutions and sustainable real estate development can contribute to positive climate changes globally. The last decades have shown an increasing number of green properties, however the proliferation on the Swedish market is still slow. Existing research describes different benefits and motivators that should encourage investments in environmentally certified properties among real estate companies. Benefits that are established are for example lower energy- and maintenance costs, lower vacancy rate, an improved company image and increasing market value. We believe there is a gap of information considering how the real estate companies experience that these benefits are generated from a green building, as well as how motivators have impacted on the companies’ investment decisions. The purpose of this thesis is therefore to explain how different motivators affect real estate companies to invest in environmentally certified properties. To answer the purpose of our thesis, we have created four different hypotheses based on existing research which includes an improved result, increased economic profitability, improved company image and the opportunity of incentive programs and economic contributions. The hypotheses of our study have been tested with a quantitative method, through a survey. Collected data from our study has been analysed through a multiple regression analysis, where the four motivators have been analysed against the real estate companies share of investment decisions in environmentally certified properties. The conclusion of this thesis is that none of the hypotheses reached statistical significance and therefore the collected data cannot prove any relations between the motivators and companies’ investment decisions. Although, through our study, we have been able to identify both differences and similarities between theoretical claims and the result from our study. Even though statistical relations cannot be confirmed, the survey has collected descriptive data which contributes to a general view of how Swedish real estate companies today evaluate environmentally certified properties and how they are motivated to invest in these properties.

Diese Dissertation erforscht, auf welchen unterschiedlichen Wegen Informationsverarbeitung Investitionsentscheidungen beeinflusst. Auf der Basis kontrollierter Laborexperimente wird untersucht, wie Entscheidungen mit der Art der Information sowie mit dem Entscheidungskontext variieren. Im ersten Kapitel legt ein Experiment die Schwierigkeit mit hypothetischem Denken bzw. mit dem Lernen aus hypothetischen Ereignissen offen. Im Kapitel Zwei untersucht ein anderes Experiment, wie Informationsverarbeitung die Reaktionen der Investoren auf Ambiguität verändert, denn ein eindeutiges, optimales Lernverhalten gibt es unter Ambiguität nicht. Das letzte Kapitel stellt anhand desselben Experiments die Unabhängigkeit zwischen dem Lernprozess und den Risikopräferenzen in Frage. / This dissertation investigates various channels through which information processing affects investment decisions. Controlled laboratory experiments allow for studying how subjects’ decisions vary with the type of information and the decision-context. The experiment in the first chapter discloses the difficulty with contingent reasoning, i.e. learning from hypothetical events. A different experiment in Chapter Two analyzes how information processing changes investors’ reactions to ambiguity—an environment with multiple rational learning rules. Using the same experiment, the last chapter questions the independence between belief updating and risk preferences.

Made available in DSpace on 2014-12-17T15:53:14Z (GMT). No. of bitstreams: 1 JosueLR.pdf: 390948 bytes, checksum: 7300e4a411e986ff09cb4dd3c5f37a2e (MD5) Previous issue date: 2005-08-29 / This study has as main objective to verify the effect of the tax and financial incentives granted by the brazilian states, specially in the reduction of ICMS on the investment decision of the entities, which in the last years led to the companies to decide new projects in based on the region that presented the better infrastructure beyond lesser tributary expense. For in such was made an economic valuation of the companies with focus in the beneficiary s optics using an adaptation of the Discounted Cash Flow method to measure the impact of the tax incentives in the value of the companies, this study selected the textile industry segment located in the State of Rio Grande do Norte, Brazil. The results indicated that such incentives created addition in the value of the companies, however the inexistence of incentives would not be enough to a negative decision of investment in the Rio Grande do Norte. The smallest difference between the value with and without incentive observed was 8.9%, and the biggest 31.7%, and the average of value aggregation with the tax incentives represented 18.9% / Este estudo tem como objetivo principal verificar o efeito dos incentivos fiscais e financeiros concedidos pelos Estados brasileiros, em especial a redu??o de ICMS, na decis?o de investimento das entidades, que tem, nos ?ltimos anos, levado as empresas a decidirem seus novos projetos em fun??o da regi?o que tiver melhor infra-estrutura, al?m de menor gasto tribut?rio. Para tanto, foi efetuada a avalia??o econ?mica das empresas, com foco na ?tica do benefici?rio, utilizando-se uma adapta??o do m?todo de Fluxo de Caixa Descontado, para mensurar o impacto dos incentivos fiscais no valor das empresas, sendo selecionado o segmento da ind?stria t?xtil, localizado no Estado do Rio Grande do Norte, Brasil. Os resultados encontrados indicam que tais incentivos provocam acr?scimo no valor das empresas, entretanto a inexist?ncia de incentivos n?o seria suficiente para que a decis?o de investimento no Rio Grande do Norte fosse negativa. A menor diferen?a entre o valor com e sem incentivo observada foi de 8,9%, a maior foi 31,7% e a m?dia de agrega??o de valor com o incentivo fiscal foi de 18,9%