This thesis examines Canadian FDI (foreign direct investment) in China from 1978 to 2006 in the context of globalization and with a focus on the challenges faced by Canadian firms when doing business in China. Building on John Dunning's 'eclectic model' of FDI and Kobrin’s ‘bargaining’ approach, this study explores the relative importance of home country (Canadian) and host country (Chinese) factors in explaining outcomes for Canadian firms in China in the mining, manufacturing and service sectors. Using interview data collected from Canadian high-level management personnel working in these sectors during 2005 the study argues that it has been largely the host country factors that have been at work in causing difficulties for Canadian companies in China. These include issues such as Chinese government regulations and institutions, cultural differences between Canada and China, as well as market and business environment impediments in China. On the other hand, home country factors, particularly the small size of Canadian firms in China, have also played an important part in affecting the operations of Canadian firms there. The empirical analysis of the mining, manufacturing and service sectors revealed that Canadian firms in China are not a homogenous group and their experience and challenges can only be understood in the context of the particular sector that they are engaged in. In particular, Canadian firms in the mining sector have been more subject to pressures from the Chinese state, while firms in the manufacturing sector have been subject more to factors surrounding the Chinese market and business environment. Firms in the service sector have fallen in between, and have been subject to both factors such as state regulation and local market and business conditions. The survey analysis of some Canadian successful firms in China also suggests that the fate of Canadian firms does not hinge solely on cultural dynamics associated with either home or host country or regulatory issues, but also on the very real efforts that individual companies make to understand local conditions, and to become accustomed and to prosper in China.

Success of investment depends to many mathematical rates. Every investor knows that there is a tradeoff between risk and reward: to obtain greater expected returns on investments, one must be willing to take on greater risk. The tool was designed to estimate these indexes and others conditions of investment and to offer to users optimal portfolio of investment. The models and technologies for system of estimation of investment efficiency are analyzed. Problems and difficulties of investment optimization are described. Analyses of how various methods solve these problems, finding their advantages and disadvantages. This tool helps users and students of investment sciences to choose optimal portfolio of investment with desirable risk and maximum returns. The development documentation of the tool is presented. It shows all steps of the tool development including results. The experiments of implemented model are described, analyzing new model’s influence for requirements specification process.

The ongoing harmonization process aims to incorporate IFRS regulations into the Swedish accounting. As a consequence investment property’s starting from 2005 may be valued using the fair value method, in accordance to IAS 40. This involves major changes for listed property enterprises that from now on can value a large extent of their assets to fair value. All parties don’t appreciate this progress, opponents to fair value have expressed great concern that fair value don’t work in practice. They claim that fair value measurement is too subjective and unreliable, and that it will malfunction during periods of financial turmoil. Further they claim that it is not suitable with the European accounting tradition, consisting of a high degree of conservatism and prudence. This thesis aims to examine the accuracy of fair value measurement in the case of Swedish investment property firms. This is done by identifying realized value changes in the corporate annual reports, which will indicate how well the estimated value is consistent with the realized exit price of the property. The findings of this thesis indicate that there exist an average deviation of 11,6 percent between the book value and the realized exit price. Further this study finds no evidence that the financial turmoil in 2008 complicates the use of fair value in any significant way. However, the study provides a clear indication that conservatism and prudence still influence Swedish accounting. This given that 94 percent of the book values were lower then the realized exit price.

Magistro darbe yra suformuluojama teisingai pasirinktų alternatyviųjų investicijų strategija ir jos veiklos pagristumas, išanalizuoti ir susisteminti įvairių Lietuvos ir užsienio autorių teoriniai investicijų vertinimo metodai, pateikti atskirų metodų privalumai ir trūkumai vertinant investicijų pagrindimą, išanalizuota valstybės politika investavimo klausimais ir teisinio šios sferos reguliavimo padėtis. Pateiktas UAB “GARDI DUONA” planuojamų investicijų atsipirkimo periodas, kai vykdomos investicijos. Pasirinktos šios alternatyvos: pastato ar patalpų pirkimas, pastato statyba, pastato ar patalpų nuoma. Investicijų pasirinktų alternatyvų efektyvumas vertinamas pagal dažniausiai naudojamus jautrumo analizės investicijų efektyvumo vertinimo metodus: grynąj�� dabartinę vertę (NPV), atsipirkimo periodą (Nok), vidinę grąžos normą (IRR), modifikuotą vidinę grąžos normą (MIRR) ir rentabilumą (U). Atlikus metodų analizę patvirtinama autorės suformuluota mokslinio tyrimo hipotezė, kad įmonėje priimamus sprendimus dėl investicijų pagrįstumo sąlygoja ne pavieniai rodikliai, o skaičiuojamų rodiklių nuoseklumas ir tarpusavio sąveika. / In this thesis work the proper chosen alternative investment strategy and its business substantiation are formulated, analysed and systemized theoretical investment methods of various authors of Lithuania and abroad, submitted advantages and disadvantages of separate methods by evaluating substantiation of investment; analysed the position of government politics under investment questions and legal regulation. In this work also is analysed the planned investments’ payback period of GARDI DUONA, UAB when investments are made and they are not. These alternatives are chosen: purchasing of building or accommodation, rent of building or accommodation. The effectiveness of chosen alternatives of investment is evaluating according to commonly used effectiveness evaluation methods of sensitivity analysis investment: NVP, Nok, IRR, MIRR and U.

The purpose of many social programs is to facilitate sustainable change in the lives of individuals and communities. Unfortunately, the techniques used to evaluate social programs often ignore some of the most important changes which take place in the life of a participant and focus more on the activities that have been performed. The purpose of this research is to explore the practical benefits of Social Return on Investment (SROI); an innovative framework for program evaluation. A case study of the Circle of Friends, in Kitchener, Ontario, illustrates some of the qualities of SROI. Beyond the fiscal benefits associated with preventing homelessness, such as decreased use of emergency medical services and decreased housing costs, beneficiaries report increased feelings of community safety and greater mental stability. The final report ensures that all stakeholders have a more complete picture of both the costs and the ‘real’ returns to investing in social programs.

Bakalauro baigiamajame darbe buvo formuojamas optimalus NASDAQ OMX Baltic biržoje kotiruojamų akcijų portfelis remiantis Markowitz portfelio sudarymo modeliu. Darbą sudaro teorinė ir praktinė dalis. Teorinėje dalyje analizuojama investicijų samprata, susisteminami vertybiniai popieriai, pateikiama vertybinių popierių teorijos raida, pateikiama rizikos, pelningumo samprata, apibendrinama diversifikacijos ir optimizavimo svarba. Praktinėje dalyje fundamentinės analizės ir AB „Swedbank“ analitikų pateiktų duomenų sintezės pagalba analizuojama Pabaltijo rinka, nustatoma jos ekonominė būklė. Apibendrinant pelningumo rodiklius nustatomi efektyviausiai veiklą vykdantys pramonės sektoriai. Vėliau šių sektorių įmonės analizuojamos taikant fundamentinę analizę įmonės lygiu ir formuojamas optimalus akcijų portfelis įvedant rizikos ir pelningumo sąvokas. / This bachelor thesis is about forming investment portfolio from NASDAQ OMX Baltic stocks using Markowitz portfolio theory. Theses have two main parts theoretical and empirical. In theoretical part theses analyses the meaning of investment, securities and evolution of portfolio theory. This part also includes the meaning of risks and return, as well as the importance of diversification and optimization. Theses empirical part contains fundamental analysis and interpretation of „Swedbank“ researchers data on the Baltic market, followed by return index analysis of Baltic markets industry sectors in order to name the most efficient of them. After that, companies working in those sectors were analyzed and using constrains of return and risks portfolios were created.

No description available.

<p>I examine the long-term valuation consequence of over-investment in mergers and acquisitions (M&As) on acquiring firms through the "anticipation effect," in which forward-looking prices embed investors' expectations about the profitability of firms' potential future acquisitions. Using a sample of 1,451 firms with past acquisition activities, I find that their market valuations depend on both the profitability of their past acquisitions and their current free cash flow. Specifically, among firms with positive free cash flow, those with the worse history of value-destroying acquisitions experience lower market valuations. Among firms with negative free cash flow, the history of value-destroying acquisitions is not systematically associated with firm value. In addition, a significant portion of the discount is from lowered valuation of firms' cash holdings. These findings are consistent with investors forming expectations about the profitability of future possible acquisitions based on the realized performance outcomes of firms' past acquisitions and value these firms accordingly based on the likelihood of engaging in future acquisitions. They also provide empirical support for using observed market prices to proxy for investors' expectations about firms' future investment opportunities.</p> / Dissertation

No description available.

Ornamental traits in male birds have been the subject of much research effort, and sexual selection is recognized as the leading explanation for their evolution. The expression of ornamental traits in females has received little study until recent decades. Female colouration has been considered a non-adaptive, correlated response to selection on males. However, models predict that male mate choice, female competition, and the evolution of honest signals could help explain female ornamentation, especially where male investment in offspring and variation in female quality are high. I investigated this in the American robin (Turdus migratorius), a socially monogamous species with bi-parental care and variable female ornamentation. Female robins display conspicuous red breast plumage, bright yellow bills, and achromatic ornamentation. Female ornamentation is similar to males, but is subdued to varying degrees across individuals. Female colouration could function as a useful criterion in mate selection by males if it is correlated with aspects of female quality important to producing viable offspring. I assessed whether female ornamentation in robins might act as an honest signal by relating variation in female colour to measures of individual quality and reproductive investment. To assess ornamentation, I took colour measurements of the bill, crown and breast of male and female robins in the field using reflectance spectrometry. Female bill, breast and crown traits reliably predicted age, crown and bill colour traits were related to better body condition, and bill colour decreased seasonally as well as with ectoparasite load. I found evidence of assortative mating based on crown UV reflectance and bill colour. To assess reproductive investment, I measured egg size, yolk proportion, and deposition of yolk testosterone and carotenoids. Females with brighter (lighter) carotenoid-based bill colour laid larger eggs, and females with yellower bills laid eggs with higher yolk proportions and more total yolk carotenoids. Yolk testosterone level was associated with redder female breasts. These results support the hypothesis that female colour may be a reliable indicator of individual quality and capacity for reproductive investment. / Thesis (Master, Biology) -- Queen's University, 2014-01-30 15:09:57.797