It is important to know if earnings variables influence stock returns. This is important not just for investors who want to know what drives stock returns, but also for the overall economy as stock returns and stock markets are also considered to be significant indicators of its performance. Many studies were conducted in the past but with inconclusive results. The aim of the thesis is to examine the relationship between net income and stock returns using two approaches, namely panel data model and multiple linear regression. We utilize a dataset of companies selected from the S&P500 Index. We also analyse possible heterogeneity in cross section and time. Moreover, we incorporate additional factors which have been proven to have significant explanation power for stock returns. Our findings from the panel data estimation suggest that there is no relationship between scaled net income and stock returns. We find there are random effects present between the companies and three structural breaks in time. Furthermore, we explore the significance of the consumer sentiment index and the percentage change in the book value per share variables in the panel estimation. We do not confirm the debt to equity ratio and the GDP growth news factors in the panel estimation as significant. Results concerning the...

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Master of Agribusiness / Department of Agricultural Economics / Bob Burton / The purpose of this thesis is to compare the net income and risk associated with custom farming, cash rent, and crop-share. This analysis will help provide insight on the best option for my 40 acres of farm land, which I recently was given from my mother. The 40 acres is located in Codington County, SD and has been previously in a corn, soybean, and wheat rotation. Another goal of the thesis is to create a business plan for Hauger Farm, which will lay out the activities involved for custom farming. The 40 acres will continue to be in a corn, soybean, and wheat rotation. A 12-year analysis was developed to determine the net income and risk associated with custom farming, cash rent, and crop-share. The analysis consisted of historical data from the past nine years while predicting the next three years. After creating the net income statement, the option providing the most income over the long-run was to have the land custom farmed. Custom farming also brought the most income variability or risk; while cash rent showed to have the lowest risk with the least variable income.

Em sistemas de irrigação por pivô central, a eficiência de aplicação em campo esta diretamente relacionada com a uniformidade de distribuição, afetando a economia de energia, num manejo adequado da irrigação. Foram utilizados dados de lâmina aplicada, lâmina média, vazão e comprimento de um pivô central, da região de Guaíra SP, através de uma avaliação de desempenho. Foram simuladas lâminas de água aplicadas para valores de 70%, 73%, 75%, 78%, 80%, 83%, 85%, 88%, 90%, 93% 95% e 98% do coeficiente de uniformidade de Christiansen (CUC), mantendo-se constante o valor da lâmina média e conseqüentemente a vazão. As receitas líquidas obtidas com essas distribuições de água foram comparadas utilizando-se cinco preços do feijão: R$1,75, R$2,00, R$2,25, R$2,50, R$2,75, R$3,00 e R$3,25 kg-1e, de igual forma, para cinco custos por consumo da água: R$ 0,01, R$ 0,02, R$ 0,03, R$ 0,04, e R$ 0,05m-3. Os resultados foram analisados considerando-se irrigação total e suplementar de 50% e 75%, nos períodos seco e úmido. A partir dos dados obtidos nas simulações verificouse que os maiores coeficientes de uniformidade proporcionam maior receita líquida e maior economia de energia para os maiores preços do produto. As irrigações suplementares possibilitaram maiores lucros e maiores economia de energia, especialmente para irrigações realizadas no período úmido / In irrigation systems by center pivot, the efficiency of applying in field is directly related to distribution uniformity, influencing in energy saving inside an appropriate irrigation management program. Were used data from applied layer, average layer, flow, and central pivot length, from Guairá SP, determined by IDE (1989) by a performance assessment. By simulation of collected layers values of 70%, 73%, 75%, 78%, 80%, 83%, 85%, 88%, 90%, 93% 95% and 98% were obtained from the Christiansen (CUC) Uniformity Coefficiency, keeping constant the average layer value and consequently the same flow. The obtained net income from those water distributions were compared using five beans prices in Brazilian currency R$1,75, R$2,00, R$2,25, R$2,50, R$2,75, R$3,00 and R$3,25 kg-1 and the same way, for five water consume costs: R$ 0,01, R$ 0,02, R$ 0,03, R$ 0,04, and R$ 0,05m-3. The outcomes were analyzed considering the supplementary and total irrigation of 50% an 75% in humid and dry seasons. From obtained data by simulations were verified that the higher uniformity coefficiencies give higher liquid recipe and greater energy saving related to higher products prices. Supplementary irrigation gives the possibility of higher profit and greater energy saving, especially when made in the humid season

Made available in DSpace on 2016-04-25T18:39:52Z (GMT). No. of bitstreams: 1 Paula Valeria Chaves Pereira Correia.pdf: 2939285 bytes, checksum: 6dce5c6a5d97a5ab2c17fa4f8dbed82f (MD5) Previous issue date: 2012-12-07 / The purpose of this research is to analyze the effects of changes in accounting legislation introduced by Law 11.638/07 in dividends paid to shareholders, through a study on equity and net income. To develop this work companies in the Steel & Metals segments were taken as base with shares listed on the BM & FBovespa. We analyzed 13 companies that make up the segment, in the period from 2004 to 2007, drawing a comparison with the period from 2008 to 2011, following the entry into force of new accounting standards introduced by Law 11.638/07. The methodology applied was quantitative through the analysis of financial statements of the companies, by statistical methods of testing "distribution Z" often used to measure hypotheses between two samples to determine their acceptance or rejection. At the requirement and application of new standards, this has led to many questions in the companies in view of the high degree of complexity of the measures implemented. However, the conclusion of the survey, conducted through analysis of financial statements and statistical methods, was that the changes in accounting standards did not affect net income and consequently the dividends paid to shareholders / propósito desta pesquisa é analisar os efeitos das mudanças introduzidas na legislação contábil pela Lei nº 11.638/07 nos dividendos pagos aos acionistas, por meio de um estudo no patrimônio líquido e lucro líquido. Para o desenvolvimento do trabalho tomou-se como base empresas do segmento de siderurgia e metalurgia com ações listadas na BM&FBovespa. Foram analisadas 13 empresas que compõem o segmento, no período de 2004 a 2007, traçando um comparativo com o período de 2008 a 2011, após a entrada em vigor das novas normas contábeis promovidas pela Lei nº 11.638/07. A metodologia aplicada foi a quantitativa, através das análises das demonstrações financeiras das companhias, mediante métodos estatísticos de testes distribuição Z , frequentemente utilizados para medir hipóteses entre duas amostras para determinar sua aceitação ou rejeição. Por ocasião da exigência e aplicação das novas normas, geraram-se muitas dúvidas nas empresas em face do alto grau de complexidade das medidas implantadas. Entretanto, a conclusão da pesquisa, realizada por meio de análises das demonstrações financeiras e métodos estatísticos, foi que as mudanças nas normas contábeis não influenciaram o lucro líquido e consequentemente os dividendos pagos aos acionistas

Background: Since the late 1990s the economy has become an important part of the football club activities. With increased revenues, a financial framework was needed and in 2002 the "Elitlicens" introduced for this purpose. Elitlicensen is divided into different criteria, the study dealt only with the economic criteria, the requirement that clubs in Allsvenskan should maintain a positive shareholders' equity. Aim: The study aims to study items and key figures in the annual financial reports of the clubs that participated in Allsvenskan every year during the period 2010-2014 to examine whether and how the clubs reached Elitlicensens criterion for positive shareholders´ equity. Furthermore, the aim is to explain the club's actions based on Elitlicensens criterion of positive shareholders´ equity. Method: A case study of the AIK, BK Häcken, Djurgårdens IF's, Helsingborgs IF's, IF Elfsborg, IFK Gothenburg, Kalmar FF and Malmö FF's annual financial reports during the period 2010-2014 where selected items and key figures audited. Through the theoretical framework with Soft budget constraint and the Fund theory the clubs actions tries to explain. Result: All clubs have reported positive shareholders´ equity 2010-2014. This has been maintained through player sales, money from the UEFA Europa Cups and capital contributions from stakeholders. There have been clear hints of soft budget constraint through both soft credit and soft subsidy AIK, Djurgårdens IF, Helsingborgs IF and IFK Gothenburg. A tendency to use of the Fund theory could be seen some years in BK Hacken, IF Elfsborg, IFK Gothenburg and Kalmar FF. Conclusion: The study shows that all audited clubs reached Elitlicensens requirements in positive shareholders´ equity 2010-2014. Selected theories provide no coherent picture of the clubs' actions regarding shareholders´ equity. Further research is needed in this area, which also take into sporting success and club financial strategies.

Resumo: A exigência por produtos de melhor qualidade é cada vez maior por parte dos consumidores. Produzir um alimento sem qualquer resíduo de hormônios como os utilizados na reversão sexual de tilápias e, além disso, conseguir cultivar um peixe capaz de utilizar adequadamente os carboidratos de uma dieta sem deficiências nem excessos, pode significar um maior retorno econômico para o produtor e maior aceitação no mercado, garantindo a compra de um produto mais saudável e seguro ao meio ambiente. O objetivo deste trabalho foi avaliar os aspectos produtivos, econômicos e de composição corporal de juvenis de tilápia-do-nilo, revertidos ou não sexualmente, originados de recria utilizando-se dois tipos de alimentos (alimento natural, através de fertilização orgânica com esterco suíno ou dieta extrusada comercial) e alimentados com dietas extrusadas contendo três teores de extrativo não nitrogenado. Utilizaram-se 432 juvenis, estocados em 36 tanques e que receberam dietas contendo três teores de extrativo não nitrogenado (34, 38 ou 42 %), durante 123 dias de experimento. Foram calculados os principais parâmetros de desempenho, eficiência de utilização de nutrientes, variáveis morfo-somáticas e realizada uma avaliação econômica, utilizando-se a metodologia dos orçamentos parciais, estimando-se os efeitos das alterações nas despesas e receitas entre os tratamentos. O consumo diário de dieta foi significativamente maior para os juvenis que receberam alimento natural. No entanto, os juvenis alimentados com dieta comercial durante a fase de recria apresentaram maior eficiência de retenção de proteína. A inclusão de 42 % de ENN na dieta resultou em valores médios estatisticamente maiores para o ganho em peso e consumo diário de dieta em relação ao nível de 38 %. O teor de 42 % de ENN melhorou o crescimento dos peixes, mas levou a um aumento no índice... (Resumo completo, clicar acesso eletrônico abaixo) / Abstract: The demand for better quality products is increasing among consumers. Produce a product without any residue of hormones such as those used in the sex reversal of tilapia and, besides, to grow a fish able to properly utilize the carbohydrates from a diet without deficiencies or excesses, may mean a higher economic return for the producer and largest market acceptance, assuring the purchase of a product healthier and safer for the environment. The aim of this study was to evaluate the productive and economic aspects and body composition of juvenile nile tilapia, sex reversed or mixed sex, which was previously produced with two types of food (natural food through organic fertilization with swine manure or extruded commercial diet) and fed with extruded diets containing three levels of non-nitrogenous extract (NNE). It was used 432 juveniles stocked in 36 tanks and fed with diets containing three levels of non-nitrogenous extract (34, 38 or 42 %) during 123 days of experiment. It was calculated the main parameters of performance, efficiency of nutrient use, morphological and somatic variables and performed an economic evaluation, using the methodology of the partial budgets, estimating the effects of changes in costs and revenues among the treatments. The food intake was significantly greater for the juveniles who received natural food. However, fishes fed with commercial diet during the growing phase showed higher efficiency of protein retention. The inclusion of 42% of NNE in the diet resulted in statistically higher mean values for weight gain and food intake in relation to the level of 38%. The content of 42% NNE improved fish growth, but led to an increase in the hepatosomatic index, which may mean fat accumulation in the liver. The diet with 34% of NNE has the lowest production cost, however, any change in the level of NNE in the diet from 42 to 34 or 38 % worse economic... (Complete abstract click electronic access below) / Orientador: Dalton José Carneiro / Coorientador: Maria Célia Portella / Banca: Maria Inêz Espagnolli Geraldo Martins / Banca: Eduardo Gianini Abimorad / Mestre

Em sistemas de irrigação por pivô central, a eficiência de aplicação em campo esta diretamente relacionada com a uniformidade de distribuição, afetando a economia de energia, num manejo adequado da irrigação. Foram utilizados dados de lâmina aplicada, lâmina média, vazão e comprimento de um pivô central, da região de Guaíra SP, através de uma avaliação de desempenho. Foram simuladas lâminas de água aplicadas para valores de 70%, 73%, 75%, 78%, 80%, 83%, 85%, 88%, 90%, 93% 95% e 98% do coeficiente de uniformidade de Christiansen (CUC), mantendo-se constante o valor da lâmina média e conseqüentemente a vazão. As receitas líquidas obtidas com essas distribuições de água foram comparadas utilizando-se cinco preços do feijão: R$1,75, R$2,00, R$2,25, R$2,50, R$2,75, R$3,00 e R$3,25 kg-1e, de igual forma, para cinco custos por consumo da água: R$ 0,01, R$ 0,02, R$ 0,03, R$ 0,04, e R$ 0,05m-3. Os resultados foram analisados considerando-se irrigação total e suplementar de 50% e 75%, nos períodos seco e úmido. A partir dos dados obtidos nas simulações verificouse que os maiores coeficientes de uniformidade proporcionam maior receita líquida e maior economia de energia para os maiores preços do produto. As irrigações suplementares possibilitaram maiores lucros e maiores economia de energia, especialmente para irrigações realizadas no período úmido / In irrigation systems by center pivot, the efficiency of applying in field is directly related to distribution uniformity, influencing in energy saving inside an appropriate irrigation management program. Were used data from applied layer, average layer, flow, and central pivot length, from Guairá SP, determined by IDE (1989) by a performance assessment. By simulation of collected layers values of 70%, 73%, 75%, 78%, 80%, 83%, 85%, 88%, 90%, 93% 95% and 98% were obtained from the Christiansen (CUC) Uniformity Coefficiency, keeping constant the average layer value and consequently the same flow. The obtained net income from those water distributions were compared using five beans prices in Brazilian currency R$1,75, R$2,00, R$2,25, R$2,50, R$2,75, R$3,00 and R$3,25 kg-1 and the same way, for five water consume costs: R$ 0,01, R$ 0,02, R$ 0,03, R$ 0,04, and R$ 0,05m-3. The outcomes were analyzed considering the supplementary and total irrigation of 50% an 75% in humid and dry seasons. From obtained data by simulations were verified that the higher uniformity coefficiencies give higher liquid recipe and greater energy saving related to higher products prices. Supplementary irrigation gives the possibility of higher profit and greater energy saving, especially when made in the humid season

The International Accounting Standard Board (IASB) introduced an amendment to the International Accounting Standard 39 – Financial Instruments: Recognition and Measurement (IAS 39) and to International Financial Reporting Standard 7 – Financial Instruments: Disclosures (IFRS 7) on 13 October 2008. These amendments allowed entities to reclassify non-derivative financial assets from the fair value option to historical cost. The purpose of this study is to explore how Global Systemically Important Banks (G-SIBs) applied the amendment to IAS 39 since 2008/2009. The study is guided by four main objectives in which the first two objectives explores how the G-SIBs applied the reclassifications during the allowed period, 2008/2009 and the period beyond 2009 when the application of the standard should have been stopped. The study further investigates if any G-SIBs used restatements to circumvent the requirements of the IAS 39 that does not allow reclassifications into and out of the ‘designated as at fair value' category. Finally, the study explores the impacts of the reclassifications on the G-SIBs' ROE and total regulatory capital with the aim to determine if G-SIBs reaped any long-term benefits from the reclassifications and whether any traces of earning and capital management exist in the way G-SIBs applied the amendment to IAS 39. To achieve these objectives a comparative case study approach, which is qualitative in nature/scope was used with 10 G-SIBS forming part of the units of the analysis of the study. The study finds that: (i) 70 percent of G-SIBs reclassified assets during 2008/2009; (ii) a significant improvement on the reported net income was observed with a slight improvement on the return on equity and regulatory capital during 2008/2009, while the long-term impacts on ROE and total capital are insignificant; and (iii) G-SIBs did not restate comparative figures to evade the prohibition on reclassifications into and out of the ‘designated as at fair value' category. As far as can be reasonably established, this kind of study has not been published before for G-SIBs. As such, the study contributes by including the analysis of G-SIBs and the long-term implications of applying the amendment to IAS 39 to the current literature, as well as adding another possible type of a restatement to the financial restatements' literature. All these aspects are currently lacking in the existing literature.

The diploma thesis deals with the consolidation rules, particularly the elimination of intercompany profit system resulting from reciprocal market activities in consolidating companies. These rules are further examined in terms of the efficiency and administrative burden. In the practical part of the information is evaluated.