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Doing good to do well? : Corporate Social Responsibility and Return on Investment in SwedenJohansson, Marcus January 2013 (has links)
This paper treats Corporate Social Responsibility as an investment in corporate reputation andas such aims at investigating the return of that investment. It does so partly by estimating theeffect of being perceived as socially responsible on the firm’s ability to maximize shareholdervalue and partly by estimating the effect on a more traditional accounting based measure offinancial performance. Results indicate that socially responsible firms are able to maximizeshareholder value to a greater extent than less responsible firms while at the same time notnecessarily performing better in traditional accounting terms.
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On stakeholder theory and corporate investment under financial frictionsMykhayliv, Dariya, Zauner, K.G. 16 January 2024 (has links)
Yes / The view that corporations have a wider focus than just maximizing shareholder value has received considerable attention from practitioners, managers, and academics alike. We investigate the Q theory of corporate investment with financial frictions when management maximizes stakeholder value instead of shareholder value. Different objective functions are investigated. We characterize the optimal investment and financial policy of the firm. The results show that stakeholder firms invest more than shareholder firms, i.e., over-investing, and an increase of stakeholder shares increases investment, except when equity issuing firms face severe informational asymmetries or severe cost of external equity. We also discuss different approaches to model investment of stakeholder firms and their implications for empirical analysis.
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The Q Theory of Housing Investment in Taiwan ¡X An Empirical TestChen, Chien-Cheng 24 July 2012 (has links)
Housing investment plays a vital role in the real estate market. Although the housing investment has been extensively investigated, the application of Tobin¡¦s Q theory is relatively minor. Hence, the purpose of this study is to apply Tobin¡¦s Q theory to analyze housing investment, using quarterly data for Taipei City from 1973 Q2 to 2010 Q4. The Q ratio numerator is the pre-sale housing price and the denominator represents the value of the rent. The empirical model is estimated by using building permits and use permits as measures of housing investment. Moreover, because the housing market is imperfect, this study applies the threshold regression model to test whether different effects exist in the Q ratio. Finally, this study also compares housing investment in five cities. In conclusion, these findings imply that the Q ratio has a positive relationship with housing investment, as well as a threshold effect. Furthermore, the local housing investments are affected differently by local variables.
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Θεωρία στιγμιαίας ισχύος σε τριφασικά συστήματα με ασύμμετρες και μη ημιτονοειδείς κυματομορφέςΝούσιας, Σωτήριος 07 June 2013 (has links)
Στις μέρες μας, τα Συστήματα Ηλεκτρικής Ενέργειας περιλαμβάνουν μονάδες παραγωγής και φορτία που χρησιμοποιούν συσκευές με ηλεκτρονικά ισχύος σε ολοένα και αυξανόμενο βαθμό. Αυτό έχει σαν αποτέλεσμα να εμφανίζονται στο δίκτυο μη ημιτονοειδείς κυματομορφές τάσεων και ρευμάτων. Ως γνωστόν, υπό ημιτονοειδείς συνθήκες ο υπολογισμός της ενεργού ισχύος, της αέργου ισχύος και του συντελεστή ισχύος αρκούν για την κατανόηση της ροής ενέργειας ενός συστήματος. Παρ’όλα αυτά, σε μη ημιτονοειδείς συνθήκες οι κλασσικές έννοιες της ενεργού και αέργου ισχύος δεν είναι χρήσιμες. Στόχος της συγκεκριμένης διπλωματικής εργασίας είναι η ανάδειξη αυτού του προβλήματος καθώς και η θεμελίωση της θεωρίας στιγμιαίας ισχύος, η οποία αποτελεί βασική θεωρία ανάλυσης των σύγχρονων τριφασικών συστημάτων. / Nowadays, power systems include production units and loads using power electronic devices in an increasing rate. Thus,non sinusoidal voltages and currents appear in the network. In sunusoidal conditions the calculation of active power, reactive power and power factor are sufficient for understanding the energy flow of the system. Although, in non-sinusoidal conditions the classical theory is not sufficient to describe the energy flow in the system. The purpose of this thesis is to highlight this problem and present the instantaneous power theory, which is the basic theory of modern analysis of three phase systems.
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Inventory Accumulation, Cash Flow, and Corporate InvestmentJanuary 2013 (has links)
abstract: I show that firms' ability to adjust variable capital in response to productivity shocks has important implications for the interpretation of the widely documented investment-cash flow sensitivities. The variable capital adjustment is sufficient for firms to capture small variations in profitability, but when the revision in profitability is relatively large, limited substitutability between the factors of production may call for fixed capital investment. Hence, firms with lower substitutability are more likely to invest in both factors together and have larger sensitivities of fixed capital investment to cash flow. By building a frictionless capital markets model that allows firms to optimize over fixed capital and inventories as substitutable factors, I establish the significance of the substitutability channel in explaining cross-sectional differences in cash flow sensitivities. Moreover, incorporating variable capital into firms' investment decisions helps explain the sharp decrease in cash flow sensitivities over the past decades. Empirical evidence confirms the model's predictions. / Dissertation/Thesis / Ph.D. Business Administration 2013
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Estudo teÃrico: UPQC-UPS monofÃsica com possibilidade de filtragem ativa utilizando a teoria p-q / Single phase UPQC-UPS with active filtering capabilities by using p-q theoryDante Victor Shimoda Pereira 13 June 2013 (has links)
Conselho Nacional de Desenvolvimento CientÃfico e TecnolÃgico / Este trabalho propÃe o projeto de uma UPQC-UPS monofÃsica de 1,4 kVA e alta eficiÃncia com capacidade de filtragem ativa atravÃs de dois conversores conectados em sÃrie e em paralelo. Com esta topologia, à possÃvel obter uma elevada eficiÃncia e combinar as vantagens dos tipos de UPS on-line e line-interactive, melhorando, ao mesmo tempo, a qualidade de energia da rede e protegendo as cargas de harmÃnicos e oscilaÃÃes de tensÃo. As referÃncias de compensaÃÃo dos conversores sÃrie e paralelo sÃo gerados utilizando a Teoria p-q, que propÃem um conjunto de definiÃÃes para lidar com sistemas elÃtricos sob condiÃÃes nÃo-senoidais. De acordo com os resultados de simulaÃÃo, foi comprovado que, quando os conversores sÃrie e paralelo estÃo em funcionamento, a corrente de entrada do sistema possui baixa taxa de distorÃÃo harmÃnica (TDHi) e o sistema apresenta um fator de potÃncia elevado, mesmo para cargas nÃo-lineares. AlÃm disso, à fornecida à carga uma tensÃo senoidal com baixa taxa de distorÃÃo harmÃnica (TDHv) e com valor eficaz fixo mesmo com oscilaÃÃes na tensÃo de entrada, tanto no modo rede como no modo bateria. SimulaÃÃes foram desenvolvidas no software PSCAD/EMTDC. / This work proposes the design of an UPQC-UPS high efficiency single phase 1.4 kVA with active filter capabilities throughout the parallel and series converters. With this topology, it is possible to obtain high efficiency and combine the advantages of both on-line and line interactive UPS systems improving, at the same time, the grid energy quality. The series/parallel compensation references were generated using the p-q Theory which defines a joint of power definitions to deal with electric systems under non-sinusoidal conditions. According to the simulation results, it was shown that the system input current has a low total harmonic distortion (THDi) and it presents high power factor. Also, the load voltage has a sinusoidal shape with low total harmonic distortion (THDv), both in its grid and battery mode operation. Such simulations were developed in the software PSCAD/EMTDC.
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A Test of Allocational Market Efficiency in Takeovers Using Tobin's q Theory of InvestmentKim, Keeho 05 1900 (has links)
The primary purpose of the study was to investigate whether takeover markets are allocationally efficient using Tobin's q as the variable which summarizes the investment opportunities of firms. Chapter I presented the purposes, hypotheses, methodology, and limitations of the study. The two hypotheses proposed were as follows: Acquiring firms' q should be significantly higher than that of control firms, on average, and target firms' q should be significantly lower than that of control firms, on average.
Chapter II presented the review of literature on takeovers and theory of investments. Chapter III presented the research design adopted to test the above hypotheses. The methodology to calculate q-values and methods to reduce the bias which may result from choice-based sampling were also given. A paired comparison t-test was employed to test the hypotheses. Sample firms were selected from the COMPUSTAT RESEARCH and COMPUSTAT INDUSTRIAL tape.
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Three essays on the size and contribution of intangible investment to the overall capital stockBelhocine, Nazim 30 June 2008 (has links)
This thesis aims to contribute to a better understanding of the overall magnitude
of intangible investment and the impact of this intangible investment on the behavior
of the capital stock and on the value of capital goods.
I begin by constructing a data set to document firms’ expenditures on an identi-
fiable list of intangible items in Canada. I then examine the implications of treating
intangible spending as the acquisition of final (investment) goods on estimates of GDP
growth for Canada. I find that investment in intangible capital by 2002 is almost as
large as the investment in physical capital. Furthermore, the growth in GDP and
labor productivity may be underestimated by as much as 0.1 percentage point per
year during this same period.
I proceed by measuring the size of the stock of the intangible capital in Canada
using newly released data on the market value of all securities in the economy. The
approach taken relies on a quantitative application of the q-theory of investment to
generate the quantity of capital owned by firms. I find that the intangible capital
stock accounted for approximately 30% of overall capital since 1994. Of this, the
R&D reported by national accounts makes up only 23%. These results imply that
official Canadian statistics failed to account for 26% of the value of the capital stock
in their 2005 quarterly data collection.
Finally, I extend the q-theory of investment to model explicitly the decision of
firms to invest in intangibles. I then use the model to measure the contribution of
intangible goods to the overall capital stock in the U.S. The model departs from
the one mentioned earlier in that it highlights the embodiment of intangible goods
in tangibles and the role of relative price movements in the measurement of the
contribution of each type of investment to the overall capital stock. I find that the
growth in the overall capital stock from the late-80s until 2000 was driven mainly by
an increase in the contribution of intangibles. However, the contribution of intangibles
fell consistently after 2000. These results underscore the importance of accounting
for the movements in the price of intangibles rather than focusing only on their rising
share in overall investment. / Thesis (Ph.D, Economics) -- Queen's University, 2008-06-26 09:32:06.389
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Controle de um filtro ativo de potência bifásico a três fios utilizando a teoria p-q monofásicaFurtado, Pablo Carlos de Siqueira 27 June 2014 (has links)
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Previous issue date: 2014-06-27 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Esta dissertação apresenta uma estratégia para controlar um filtro ativo de potência (FAP) paralelo bifásico a três fios. A aplicação desse FAP pode ser implementada como uma funcionalidade extra do conversor fonte de tensão do sistema de propulsão de veículos elétricos (VE), o que seria útil para compensar instalações elétricas residenciais e comerciais com fornecimento de energia bifásico a três fios. Apresenta-se o princípio de funcionamento do FAP bifásico e é tratada sua modelagem matemática. É feita uma revisão dos conceitos de potências instantâneas p e q em sistemas monofásicos, a chamada teoria p–q monofásica. É mostrada ainda a interpretação dessas grandezas e sua relação com as potências ativa e reativa convencionais. Em seguida, são feitas adaptações na implementação dessa teoria. A principal adaptação está na forma de implementar as transformações αβ monofásicas. Com essas adaptações, a teoria p–q modificada é utilizada para descrever o algoritmo de controle desenvolvido para o FAP bifásico. A estratégia de compensação adotada consiste na compensação de todas as componentes harmônicas de corrente, da potência reativa e na equalização das correntes nas fases envolvidas. São apresentados resultados obtidos em estudos de simulação da operação do FAP bifásico em regime permanente e sob transitórios das cargas. O trabalho mostra ainda alguns resultados experimentais do FAP em operação. Conclui-se que os resultados obtidos validam o princípio de operação do FAP bifásico e a estratégia de controle proposta. / This thesis presents an strategy to control a two–phase, three-wire shunt active power filter (APF). This APF can be implemented as an extra functionality of the embedded voltage source converter in the propulsion system of an electric vehicle (EV). This application would be useful in the compensation of residential and commercial electrical installations fed by a two–phase three–wire grid connection. The working principle of shunt two-phase APF is presented and its mathematical models are also treated. Concepts of the instantaneous powers p and q, called single-phase p–q theory, are reviewed. The relationship between these quantities and the conventional active and reactive powers is discussed. Then, some adaptations are done in the implementation of such theory. The main one is related to the implementation method of singlephase αβ transformations. After these adaptations, the modified p–q theory is used to described the developed algorithm to control the two–phase APF. The adopted control strategy consists of compensating all current harmonics and reactive power, as well as equalizing currents in involved phases. Simulation results are presented to show the APF operation in steady-state and under load changes. Yet, some experimental results are presented to show the APF in operation. The obtained results validate the presented working principle and the control strategy proposed in this thesis.
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股價波動對投資行為之影響的研究-台灣之經驗1987-1994 / Stock Market Volatility and Investment: Experience of Taiwan 1987-1994施彥光, Shih, Yahn Guang Unknown Date (has links)
隨著經濟發展,國民所得水準提高,國民儲蓄成為資本形成的重要來源,而資本市場之功能便在於匯集民間儲蓄,將其導入國內的各項實質建中,是故一個有效率的、健全的資本市場,不僅能讓資金之供需雙方互蒙其利,更可使整體經濟社會的實質財富與所得,隨著資金供給雙方的交互行為而得以持續成長。
在台灣目前資本市場發行及流通之信用工具中,不論是初級市場發行額,抑或是次級市場交易額,股票市場一直佔有最重要的地位,所以股票市場也就成為企業籌措長期資金最為倚重的信用工具。
正因為股票市場具有如此之重要性,因此本文先從理論與台灣近幾年來的相關實證,針對台灣股票市場效率性做一番釐清,再從所得出之結論進一步借用Galeotti & Schiantarelli (1994)的研究,將股價區分成基本面與非基本面,以及各自適當的代理變數,推導出投資與這些代理變數之間的關係。
最後就民國76年5月至83年11月期間,以台灣所有上市公司為研究對象做實證分析。
本研究之主要發現如下:
1. 台灣股價波動偏離基本價值具有市場異常現象,不符合效率市場假說。
2. 由股票市場價值區分出之基本面與非基本面因素,對投資均會產生影響,其中又以落後兩期之解釋變數最為顯著。此結果介於Bosworth (1975)與Merton & Fischer (1984)兩篇研究之間,非基本面亦會影響投資 決策,但非基本面之效果小於基本面效果。
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