Abstract Since the launch and hot market of innovative products such as iPod, iPhone and iPad, it has created a PND operational interface revolutionary wave. The beloved keyboard, mouse or Passive Touch Panel are gradually replaced by Capacitive Touch Panel(CTP) which became one of the hottest trends in consumer electronic products. No matter in transmittance, hardness, response time, operating temperature resistance, UV resistance or beauty of outlook, CTP products surpass traditional Passive Touch Panel. The market of CTP products is so huge but there is big difference of respective company¡¦s performance. Some companies earn 2 or 3 times of company capital per year but some companies still are at a net loss stage. It¡¦s worth to study why there is a significant difference of their business performance. Further, it is beneficial to study the topic of what are the key successful factors of these outstanding companies. By selecting six representitive samples of CTP companies to research, we will study the development of this industry, the evolution of product technology and the difference of business performance, especially focusing on their sales scale, future growth rate, customer potential growth, ROE, ROA, EPS, EVA and MVA to analyze and compare. We confirm TPK Holding Co., Ltd. and Young Fast Optoelectronics Co., Ltd. are leaders among Taiwan CTP industry. We will study the key successful factors of this industry through interviews with senior management and researchers of this industry. The conclusion of this study is as follows, 1. Glass-type CTP will be the mainstream of CTP product structure, especially in the consumer electronic products such as smartphone and tablet computers. 2. On Glass Solution, Flexible Subtrate and In Cell technology will be the future development of CTP products. 3. If compared with other financial indicators, Economic Value Added (EVA) will fully evaluate and predict the corporate value. 4. There are 7 key successful factors of CTP panels: I. Innovative ability of advanced products and production process technology. II. Emphasize the patent layout to lead the advanced technology. III. Capacity and yield rate. IV. Main customers¡¦ ability to create market. V. Rapid and complete technology supported ability. VI. Provide value added service and products which surpassed other competitors. VII. Establish huge human resource and sound financial structure. Key words¡GCapacitive Touch Panel(CTP)¡BBusiness Performance¡BEconomic Value Added (EVA)¡BMarket Value Added (EVA)¡BKey Successful Factors(KSF)

This research paper focuses on whether Taiwan's 13 financial holding companies (excluding Waterland Financial Holdings) belongs to the bank's capital management efficiency, using a narrow definition of capital. First, do a preliminary analysis of the capital of the banks first, second, and three types of capital. Secondly, the use of supplementary items in the balance sheet, profit and loss account and balance-sheet and some of the information into the banking book assets and liabilities of the banking book and trading book assets, trading book liabilities, risk assets and market value-added and other programs in order to do all kinds of bank trend analysis of assets and liabilities and capital management. Finally, I would investigate whether the high capital adequacy ratio that their performance is better? The provisions of the Basel ¢º want to improve the bank's risk management capability, however, and set out the statutory capital requirements of the Bank help to keep the emphasis on risk management?

Syftet med studien är att ta fram ett grundläggande material för vidare undersökning avseende högre kvalitet vid taxeringsförfarandet i samband med justering av taxeringsvärden när väg fram till småhusfastigheter saknas. Detta då det idag inte finns några riktlinjer kring denna justering. Målet med studien är att undersöka vilken värdeinverkan avsaknad av väg till småhusfastigheter kan anses ha på marknadsvärdet, och vad som gör denna värdeinverkan svår- eller lättbedömd. Metoderna som tillämpats i studien avser en kvantitativ- samt kvalitativ undersökning. Den kvantitativa undersökningen har genomförts i form av telefonintervjuer med mäklare och fastighetsvärderare. Detta för att få en generell bild av hur marknaden anses uppfatta förhållandet avsaknad av väg. Denna undersökning kompletterades med en kvalitativ intervjuundersökning för att erhålla en djupare förståelse för hur marknadsvärdet påverkas av detta förhållande, samt hur denna värdebedömning går till. Resultatet av undersökningen pekar på att en marknadsvärdeinverkan går att påvisa i de fall då småhusfastigheter saknar tillgång till väg. Inverkan på marknadsvärdet är svårbedömt då den varierar efter olika fastighetsförhållanden, marknadsvärdenivåer och anläggningskostnader. Resultatet visar även att, redan vid ett avstånd på över 100 meter från fastigheten till närmsta körbara väg, kan inverkan på marknadsvärdet anses ligga över 20 procent. Slutsatserna utifrån resultatet är att en avsaknad av väg i de flesta fall är en värdesänkande faktor. Vidare skulle tydligare riktlinjer kring värdebedömningen av detta förhållande underlätta värderingsförfarandet. / The purpose of the study is to serve as a material for further investigation concerning higher quality of tax procedures related to the adjustment of assessed values when there is no road to single- family houses. This is because there are currently no guidelines for this type of adjustment. The aim of the study is to investigate the value of the impact an absence of a road to single-family houses may have on its market value, and what makes this value of the impact difficult or easy to assess. The methods applied in the study concerns a quantitative- and qualitative research. The quantitative survey was conducted in the form of telephone interviews with brokers and property appraisers. This was done to obtain a general picture of how the market considers the condition of an absence of road. This survey was supplemented with qualitative interviews to obtain a deeper understanding of how the market value is influenced by this condition, and how this value assessment is done. The results of the survey indicate that an impact of the market value can be demonstrated for those single- family houses which have an absence of road. The impact of the market value is difficult to assess because it varies by different property conditions, market values and facility costs. The result also shows that, even at a distance of over 100 meters from the property to the nearest drivable road, the impact on the market value is considered to be above 20 percent. The conclusions from the results are that an absence of road, in the most cases, is a value lowering factor. Furthermore would clearer guidelines, for value assessment, facilitate the process of the valuation.

This paper investigates the determinants of excess returns using dividend yields as a proxy in a cross-sectional setting. First, we find that types of industry and the current business cycle are determining factors of returns. Second, our results suggest that dividend yield serves a signaling mechanism indicating “healthiness” of a firm among prospective investors. Third we see that there is a positive relationship between dividend yield and risk, especially in the utility and financial sectors. And finally, using actual excess returns, instead of dividend yield in our model shows that all predictors of dividend yield were also significant predictors of excess returns. This connection between dividend yield and excess returns support our use of dividend yield as a proxy for excess returns.

2011 metų pabaigoje Seime priimti Žemės mokesčio įstatymo pakeitimai. Priėmus naują žemės mokesčio įstatymo pakeitimo įstatymą nuo 2013 metų pereita prie žemės mokesčio skaičiavimo nuo vidutinės žemės rinkos vertės, kuri nustatoma masinio arba individualaus vertinimo būdu. Iš esmės keičiasi ne pats žemės mokestis, o vertė, nuo kurios šis mokestis skaičiuojamas. Teisę nustatyti žemės mokesčio tarifus ir taip reguliuoti mokesčio dydį nuo 0,01 iki 4 procentų (vietoje buvusio 1,5 proc. tarifo) žemės vertės ribose įstatymas suteikia savivaldybėms. Panašūs įgaliojimai savivaldybėms vykdyti savarankišką mokesčių politiką yra suteikti nekilnojamojo turto mokesčio srityje bei nuomojant valstybinę žemę, kur jau eilę metų mokesčiai skaičiuojami nuo rinkos vertės, o savivaldybės turi kompetenciją spręsti dėl konkrečių tarifų nustatytose ribose. Ištyrus pasikeitimus galime pastebėti, jog naujas įstatymas nebuvo paruoštas iki galo, kadangi neaišku pagal kokias taisykles savivaldybės nustatinėja tarifus ar kaip bus nustatyta nenaudojama žemė. Taip pat dėl plataus žemės mokesčio tarifo intervalo, bei palikto tik vieno žemės apmokestinimo vertę mažinančio koeficiento šis įstatymas kai kuriems žemės savininkams mokesčius išaugino po kelis ar keliolika kartų. Magistratūros baigiamąjį darbą (MBD) sudaro: įvadas, 5 skyriai, 8 poskyriai, 4 skirsniai, išvados bei literatūros sąrašas. Darbo apimtis – 55 puslapiai, jame yra 11 paveikslų ir 7 lentelės. Bibliografinį aprašą sudaro 35 šaltiniai. / At the end of 2011 Seimas has adopted changes in land taxation system. Since 2013, after a new enactment came into force, the land was taxed according to the average land’s value in the market. The value was determined in a way of mass or individual appraisal. Generally, the tax on the land remained the same, just the value has changed, which resulted in different calculation of the taxes. The enactment provided the municipalities with the right to appraise and control the tariffs of the taxes on the land from 0.01 to 4 percent (instead of the former 1.5 percent tariff). Moreover, very similar enactments which enable the municipalities to implement an independent taxing policy have been provided in the real-estate and leasehold of government’s land areas, where the taxes used to be calculated according to the market value and the municipalities used to have the competence to decide on the certain tariffs within the limits for years. After having performed the analysis of the changes, it is noticeable that the new enactment has not been fully prepared as it is not clear according to what canon the municipalities appraise the tariffs or how they will identify the unexploited land. Finally, this enactment has caused the increase on the land taxes for some of the landlords in several or even more times, because of the wide interval of land tariff and only one coefficient which reduces the land’s taxation value left. This graduate work contains: preface, 5 chapters, 18... [to full text]

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Submitted by Mario Divo Motter Junior (mariodivo@mariodivo.com.br) on 2016-05-25T14:12:53Z No. of bitstreams: 1 Mario Divo Motter Junior (FGV EBAPE) - TESE.pdf: 1644142 bytes, checksum: 0948bbf7cbf27676f7bcd1e48d52826e (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2016-05-25T15:34:42Z (GMT) No. of bitstreams: 1 Mario Divo Motter Junior (FGV EBAPE) - TESE.pdf: 1644142 bytes, checksum: 0948bbf7cbf27676f7bcd1e48d52826e (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-06-07T14:11:31Z (GMT) No. of bitstreams: 1 Mario Divo Motter Junior (FGV EBAPE) - TESE.pdf: 1644142 bytes, checksum: 0948bbf7cbf27676f7bcd1e48d52826e (MD5) / Made available in DSpace on 2016-06-07T14:11:49Z (GMT). No. of bitstreams: 1 Mario Divo Motter Junior (FGV EBAPE) - TESE.pdf: 1644142 bytes, checksum: 0948bbf7cbf27676f7bcd1e48d52826e (MD5) Previous issue date: 2016-02 / This doctoral thesis is about global brands under several perspectives, starting this study with and overview on the matter, followed by a 'step ahead' in the conceptualization of brand equity and brand value. As the global marketplace dynamically increases, there are theoretical and empirical challenges concerning the global brands that ask for more branding researches, trying to tune and to contextualize meanings and attributes. Thereafter, the thesis intends to provide a discussion about the industry and country-of-origin effects (and their interactions) on the brand value and the firm market value. Finally, the thesis offers an interesting comparison about the practitioners’ perspectives on the dimensions of global brands, the brand equity and the brand value, branding and marketing, including highlights on the brand internationalization process. The thesis offers a general approach on the extant literature in the first chapter, and a specific literature review for each other chapter.

Considerando a importância da TI no ambiente de negócios e os riscos inerentes ao emprego dessa tecnologia, este estudo visa buscar evidências de melhoria de desempenho de empresas com a realização de gerenciamento de riscos de TI (GRTI). A pesquisa em curso seguiu a metodologia da Hipótese de Eficiência de Mercado, na sua forma semiforte, isto é, utilizando o método de janela de eventos. Com essa metodologia estimaram-se os retornos anormais na valorização das ações de empresas, oriundos da publicação de eventos de GRTI pelas empresas de capital aberto brasileiras, obtidos a partir do site da BMF&BOVESPA. Foram analisadas todas as empresas listadas em todo o período disponível no site, isto é, de 2003 até 2016, perfazendo um total aproximado de 400 empresas em cada ano. Essa análise utilizou ferramentas de busca do próprio site para encontrar anualmente todos os documentos que contivessem menção à palavra risco. Todos os documentos públicos obtidos com essa filtragem foram examinados detalhadamente para identificar evidências de que a empresa realizou, pela primeira vez, ações de GRTI, isto é, de que a empresa anunciou ao mercado que o GRTI passou a fazer parte de suas rotinas operacionais e administrativas. Depois dessa análise pormenorizada de todos os documentos publicados por essas empresas no site da BMF&BOVESPA, chegou-se a 22 empresas que evidenciaram ao mercado que fazem GRTI. Essas 22 empresas foram examinadas à luz da metodologia de janela de eventos. Os resultados obtidos indicam que, no cenário brasileiro, não é possível afirmar que o GRTI traz uma melhora no desempenho financeiro das empresas, uma vez que a hipótese nula de alteração do valor do retorno das ações não foi invalidada. Infere-se que o mercado não percebe uma diferença de valor nas ações dessas empresas, em função dos eventos de GRTI. Com intuito de suportar teoricamente esta pesquisa, foram reunidas as principais pesquisas em governança de TI e GRTI e relacionando-as a um desempenho financeiro empresarial. / Considering the importance of IT in the business environment and the risks inherent in the use of this technology, this study aims to seek evidence of improved performance of companies with IT Risk Management (ITRM). The research followed the methodology of the Market Efficiency Hypothesis, in its semi-strong-form, that is, using the event window method. This methodology was used to estimate the abnormal returns on the valuation of companies' shares, resulting from the publication of ITRM events by Brazilian publicly traded companies, obtained from the BMF&BOVESPA website. All listed companies were analyzed throughout the period available on the site, that is, from 2003 to 2016, approximately 400 companies in each year. This analysis used search tools from the site itself to find annually all documents that contained mention to the word risk. All public documents obtained by this filtering were examined in detail to identify evidence that the company held, for the first time, ITRM actions. That is, the company announced that ITRM became part of their administrative and operational routines. After this detailed analysis of all documents published by these companies from Brazilian stock exchange, 22 companies evidenced to the market that do ITRM. These 22 companies were examined under the event window methodology. The results indicate that, in the Brazilian scenario, it is not possible to affirm that the ITRM brings an improvement in companies’ financial performance, since the null hypothesis of change shares’ return values was not negated. It is inferred that the market does not notice a difference in these companies’ share values due to ITRM events. In order to theoretically support this research, the main studies in IT governance and ITRM were gathered and related to a business financial performance.

Universidade Federal de Uberlândia / The performance ratios have an important role inside and outside the companies. Internally, they are responsible for operationalise and measure each specific objective tracked by managers. Externally, they serve as flags of the situation of the company to stakeholders, influencing the market value of the organization. Therefore, an analysis through the use of ratios, using accounting, technical and market data from the company, can contribute to maximize their value and the shareholders earnings. But such analysis are not consensus on the financial literature. There are ways to be travelled, so far. One of these ways is a combination of business performance pointed by ratios with the future market value of these companies, trying to verify the validity of these ratios to provide valuations and / or devaluation of shares in a two years time period. This paper s objective is to verify the use of performance ratios functionality - fundamentalists, capital structure, liquidity, activity, profitability, market and technical ratios - for companies from different countries and industries considering the last three years to predict the market value for the next two years. It uses a quantitative research, which demands statistical techniques and multivariate analysis (multiple linear regression and binary logistic regression). For the goals it is a descriptive research. As technical procedures used, it can be classified into two categories: documentary and expost-fact research. The results show that, generally, the performance ratios - fundamentalists, capital structure, liquidity, activity, profitability, market and technical ratios - of the last three years can predict satisfactorily the market value of the next two years. The exception is made for Finance and Insurance industry. The ratios that are more related to the future market value of the corporations were the: Average from 2002 to 2004 of Enterprise Value, Average from 2002 to 2004 of EBIT + Net financial expenses, Range from 2002 to 2004 of the income / Stock Price, Average from 2002 to 2004 of EBITDA, Average from 2002 to 2004 of Capital Employed, Average from 2002 to 2004 of Floating Capital, Range from 2002 to 2004 of Return over Assets, Range from 2002 to 2004 of Gross Margin, Range from 2002 to 2004 of Sales to Stock, Range from 2002 to 2004 of Investment / equity. The main groups that are related with the future market value are: profitability, capital structure and market ratios. All the logistic regression models (for the set of companies and by industries) can discern over 60% of evaluation and devaluation cases, which is considered to be satisfactory. These results are limited to an specific historical data performance ratios for the past three years (2002 to 2004) and the market value of the subsequent years (2005 to 2006) and may not be generalized to other periods or set of periods. For future papers it is intended, primarily, to explain the problem presented by logistic regression models, unable to classify the majority devaluation cases on the next two years; verify the applicability of these results to other years and set of periods and separate the analysis by countries to verify the efficiency of each market. / Os indicadores de desempenho têm um papel importante dentro e fora das empresas. Internamente, são responsáveis por operacionalizar e medir cada objetivo específico traçado pelos gestores. Externamente, servem como sinalizadores da situação da empresa aos stakeholders, influenciando o valor de mercado da organização. Neste sentido, uma análise através da utilização de indicadores de dados contábeis, técnicos e de mercado da empresa, pode contribuir tanto para a empresa maximizar seu valor quanto para o acionista maximizar seus ganhos. Porém, tal tautologia não é consenso na literatura financeira. Isto porque ainda existem caminhos a serem percorridos. Um destes caminhos é a associação do desempenho empresarial apontado pelos indicadores com uma situação futura de valor de mercado destas empresas, pretendendo-se verificar a validade destes indicadores para se prever valorizações e/ou desvalorizações de ações em um horizonte de dois anos. Neste sentido, este trabalho visa verificar a funcionalidade da utilização de indicadores de desempenho - fundamentalistas, de estrutura de capital, de liquidez, de atividade, de rentabilidade, de mercado e técnicos para empresas de diferentes países e setores dos três últimos anos para prever o valor de mercado para os próximos dois anos. Para tanto foi utilizada, quanto à forma de abordagem, uma pesquisa quantitativa, que utiliza-se de técnicas estatísticas e de análise multivariada (regressão linear múltipla e regressão logística binária). Quanto aos objetivos, trata-se de uma pesquisa descritiva. Quanto aos procedimentos técnicos adotados, esta pesquisa pode ser classificados em duas categorias: pesquisa documental e expost-facto. Os resultados obtidos de modo geral apontam que os indicadores de desempenho - fundamentalistas, de estrutura de capital, de liquidez, de atividade, de rentabilidade, de mercado e técnicos dos três últimos anos conseguem prever satisfatoriamente o valor de mercado dos próximos dois anos. A exceção é feita ao setor de Finanças e Seguros. Os indicadores que mais se relacionaram com o valor de mercado futuro das Sociedades Anônimas foram: Média de 2002 a 2004 do Enterprise Value, Média de 2002 a 2004 do LAIR + Despesas Financeiras Líquidas, Variação de 2002 a 2004 do Lucro / Preço da Ação, Média de 2002 a 2004 do EBITDA, Média de 2002 a 2004 do Capital Employed, Média de 2002 a 2004 do Capital de Giro, Variação de 2002 a 2004 da Rentabilidade do Ativo, Variação de 2002 a 2004 da Margem Bruta, Variação de 2002 a 2004 das Vendas por Ação, Variação de 2002 a 2004 dos Investimentos / Patrimônio Líquido. Os principais grupos que se relacionam com o valor de mercado futuro são os de Rentabilidade, Estrutura de capital e Mercado. Na classificação global dos modelos de regressão logística todos os modelos (para o conjunto de Sociedades Anônimas e por setores) conseguiram distinguir acima de 60% dos casos de valorização e desvalorização, o que pode ser considerado satisfatório. Estes resultados são limitados aos dados históricos dos indicadores de desempenho dos últimos três anos (2002 a 2004) e ao valor de mercado dos anos subseqüentes (2005 a 2006), não podendo ser generalizados para outros períodos ou agregação de períodos. Para trabalhos futuros pretende-se, principalmente, explicar o problema apresentado pelos modelos de regressão logística de não conseguirem classificar a maioria dos casos de empresas que desvalorizarão nos próximos dois anos; verificar a aplicabilidade destes resultados aos demais anos e agrupamento de períodos e separar a análise por países para verificar a eficiência de cada mercado. / Mestre em Administração

Considerando a importância da TI no ambiente de negócios e os riscos inerentes ao emprego dessa tecnologia, este estudo visa buscar evidências de melhoria de desempenho de empresas com a realização de gerenciamento de riscos de TI (GRTI). A pesquisa em curso seguiu a metodologia da Hipótese de Eficiência de Mercado, na sua forma semiforte, isto é, utilizando o método de janela de eventos. Com essa metodologia estimaram-se os retornos anormais na valorização das ações de empresas, oriundos da publicação de eventos de GRTI pelas empresas de capital aberto brasileiras, obtidos a partir do site da BMF&BOVESPA. Foram analisadas todas as empresas listadas em todo o período disponível no site, isto é, de 2003 até 2016, perfazendo um total aproximado de 400 empresas em cada ano. Essa análise utilizou ferramentas de busca do próprio site para encontrar anualmente todos os documentos que contivessem menção à palavra risco. Todos os documentos públicos obtidos com essa filtragem foram examinados detalhadamente para identificar evidências de que a empresa realizou, pela primeira vez, ações de GRTI, isto é, de que a empresa anunciou ao mercado que o GRTI passou a fazer parte de suas rotinas operacionais e administrativas. Depois dessa análise pormenorizada de todos os documentos publicados por essas empresas no site da BMF&BOVESPA, chegou-se a 22 empresas que evidenciaram ao mercado que fazem GRTI. Essas 22 empresas foram examinadas à luz da metodologia de janela de eventos. Os resultados obtidos indicam que, no cenário brasileiro, não é possível afirmar que o GRTI traz uma melhora no desempenho financeiro das empresas, uma vez que a hipótese nula de alteração do valor do retorno das ações não foi invalidada. Infere-se que o mercado não percebe uma diferença de valor nas ações dessas empresas, em função dos eventos de GRTI. Com intuito de suportar teoricamente esta pesquisa, foram reunidas as principais pesquisas em governança de TI e GRTI e relacionando-as a um desempenho financeiro empresarial. / Considering the importance of IT in the business environment and the risks inherent in the use of this technology, this study aims to seek evidence of improved performance of companies with IT Risk Management (ITRM). The research followed the methodology of the Market Efficiency Hypothesis, in its semi-strong-form, that is, using the event window method. This methodology was used to estimate the abnormal returns on the valuation of companies' shares, resulting from the publication of ITRM events by Brazilian publicly traded companies, obtained from the BMF&BOVESPA website. All listed companies were analyzed throughout the period available on the site, that is, from 2003 to 2016, approximately 400 companies in each year. This analysis used search tools from the site itself to find annually all documents that contained mention to the word risk. All public documents obtained by this filtering were examined in detail to identify evidence that the company held, for the first time, ITRM actions. That is, the company announced that ITRM became part of their administrative and operational routines. After this detailed analysis of all documents published by these companies from Brazilian stock exchange, 22 companies evidenced to the market that do ITRM. These 22 companies were examined under the event window methodology. The results indicate that, in the Brazilian scenario, it is not possible to affirm that the ITRM brings an improvement in companies’ financial performance, since the null hypothesis of change shares’ return values was not negated. It is inferred that the market does not notice a difference in these companies’ share values due to ITRM events. In order to theoretically support this research, the main studies in IT governance and ITRM were gathered and related to a business financial performance.