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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
1

Fluxo de caixa e classificação dos ratings: um estudo no mercado brasileiro / Cash Flow and Ratings Classification: A Study at the Brazilian Market

Teixeira, Téssia Berber 15 December 2006 (has links)
As agências de ratings definem os ratings como sendo uma opinião sobre o risco relativo, baseado na capacidade do emissor de pagar, totalmente, no prazo acordado (principal mais juros) comparando-os com os outros devedores do mercado. O risco de o emissor, da dívida, pagar o valor combinado, é importante tanto para os investidores, como garantia de que o pagamento do título será feito no prazo e valor contratados, quanto para as empresas emissoras, garantindo que cumprirão o compromisso e que conseguirão negociar bem esses títulos no mercado. A relação ratings e variáveis contábil-financeiras já vem sendo tratada na literatura, há algum tempo, sendo que um importante estudo realizado por Jay & Shank (1997) relacionou os ratings com o fluxo de caixa em empresas industriais americanas, através da média de cinco medidas de fluxo de caixa pertencentes a distintos grupos de ratings. Nos resultados desse estudo, nada foi encontrado, não podendo afirmar, assim, a existência de clara diferença nas médias de fluxos de caixa das empresas, nos diferentes grupos de ratings. Com isso, apareceu a oportunidade abordada por este estudo, de se replicar esse estudo de Jay & Shank (1997), nas empresas brasileiras, industriais e comerciais, classificadas pelas agências de rating, mais especificamente, no ano de 2006. Procurou-se então estudar a existência, ou não, da relação entre fluxo de caixa e ratings, ou seja, verificar se havia, realmente, diferença nas médias das nove medidas de fluxos de caixa (as cinco utilizadas por Jay & Shank, 1997, mais quatro elaboradas por este estudo) para cada grupo de ratings diferente. As médias, os desvios padrão e os índices desvio padrão pela média foram calculados, a fim de verificar, descritivamente, o comportamento, ao longo dos anos, das empresas classificadas nos diferentes grupos de ratings, comparando-os entre si. Pôde-se perceber, com a análise das médias, no decorrer dos anos, que a medida de fluxo de caixa que se expressou mais significativamente, mostrando, claramente a relação dos grupos de ratings, foi a medida de fluxo de caixa seis (lucro operacional somado ao valor da depreciação). Essa conseguiu mostrar, visivelmente, a relação de todos os grupos de classificação de ratings, do maior para o menor, em todos os anos. Além da análise descritiva, foi feita também uma análise estatística. Para tanto, foi possível aplicar o teste não paramétrico U de Mann-Whitney, já que somente os grupos High Grade e Medium Grade puderam ser comparados estatisticamente. Os resultados obtidos mostraram que nenhuma medida de fluxo de caixa, em todos os anos analisados, com nível de 5% de significância, rejeita a hipótese nula de que as médias dos dois grupos são iguais. Porém, as medidas de fluxo de caixa, um (lucro líquido somado à depreciação e ao imposto de renda diferido) e sete (lucro operacional somado à depreciação e à mudança líquida entre os ativos e passivos circulantes), são as mais eficientes em rejeitar a hipótese nula, por apresentarem significância estatística em quatro dos seis anos analisados em cada uma. / The rating agencies describe rating as an opinion about the relative risk founded on the issuer?s capacity of payment of its financial obligation plus an interest rate at a stated period, in comparison with other issuers. In such case, the risk of the issuer pay its debt is as much important to the investors, to guarantee that the right amount will be paid at the agreed time, as to the issuers itself, to assure that they will accomplish their debt obligation and will be able to trade it on a secondary market. The relation between rating and financial variables has been studied on literature such as the important analysis made by Jay & Shank (1997), which connects rating with American manufacturing companies? cash flows through the average between five cash flows from different groups of rating. Nevertheless, the results of this analyze can?t prove a clear difference among the cash flow?s averages in the different groups of rating. In this manner, showed up an opportunity, which is the purpose of this thesis, of replying Jay & Shank (1997) studies onto Brazilian manufacturing companies evaluated by rating agencies in 2006. This thesis aimed at studying the relation between the cash flows and the companies? rating, which means verify if there is an expressive difference among the averages of the nine standard measurements of cash flows (five presented by Jay & Shank (1997) and four more suggested by this thesis) for each distinct group of ratings. The averages, the pattern deviations and the index of the pattern deviations divided by the averages, were calculated in order to verify descriptively the behavior of those companies classified onto different rating groups along the time, comparing them between themselves. So analyzing the averages along the time, it was possible to notice that the cash flow which was more significant showing the relation between the rating groups clearly, was the cash flow number six (operating income plus depreciation), which presented the relation between all the rating groups over the years. Besides the descriptive analysis, a statistic analysis was made. In this manner, it was possible to put into practice the non-parametrical Mann-Whitney U test, once only the High Grade and Medium Grade groups could be statistically compared. The results indicated that none of cash flows, all over the years, at 5% level of significance, rejects the null hypothesis which states that both groups are equal. However, the cash flow number one (net income from operating plus depreciation and deferred taxes) and seven (operating income plus depreciation and change in current assets and liabilities) are the most efficient in rejecting the null hypothesis, as they presented statistical significance in four of the six years considered in each one.
2

Fluxo de caixa e classificação dos ratings: um estudo no mercado brasileiro / Cash Flow and Ratings Classification: A Study at the Brazilian Market

Téssia Berber Teixeira 15 December 2006 (has links)
As agências de ratings definem os ratings como sendo uma opinião sobre o risco relativo, baseado na capacidade do emissor de pagar, totalmente, no prazo acordado (principal mais juros) comparando-os com os outros devedores do mercado. O risco de o emissor, da dívida, pagar o valor combinado, é importante tanto para os investidores, como garantia de que o pagamento do título será feito no prazo e valor contratados, quanto para as empresas emissoras, garantindo que cumprirão o compromisso e que conseguirão negociar bem esses títulos no mercado. A relação ratings e variáveis contábil-financeiras já vem sendo tratada na literatura, há algum tempo, sendo que um importante estudo realizado por Jay & Shank (1997) relacionou os ratings com o fluxo de caixa em empresas industriais americanas, através da média de cinco medidas de fluxo de caixa pertencentes a distintos grupos de ratings. Nos resultados desse estudo, nada foi encontrado, não podendo afirmar, assim, a existência de clara diferença nas médias de fluxos de caixa das empresas, nos diferentes grupos de ratings. Com isso, apareceu a oportunidade abordada por este estudo, de se replicar esse estudo de Jay & Shank (1997), nas empresas brasileiras, industriais e comerciais, classificadas pelas agências de rating, mais especificamente, no ano de 2006. Procurou-se então estudar a existência, ou não, da relação entre fluxo de caixa e ratings, ou seja, verificar se havia, realmente, diferença nas médias das nove medidas de fluxos de caixa (as cinco utilizadas por Jay & Shank, 1997, mais quatro elaboradas por este estudo) para cada grupo de ratings diferente. As médias, os desvios padrão e os índices desvio padrão pela média foram calculados, a fim de verificar, descritivamente, o comportamento, ao longo dos anos, das empresas classificadas nos diferentes grupos de ratings, comparando-os entre si. Pôde-se perceber, com a análise das médias, no decorrer dos anos, que a medida de fluxo de caixa que se expressou mais significativamente, mostrando, claramente a relação dos grupos de ratings, foi a medida de fluxo de caixa seis (lucro operacional somado ao valor da depreciação). Essa conseguiu mostrar, visivelmente, a relação de todos os grupos de classificação de ratings, do maior para o menor, em todos os anos. Além da análise descritiva, foi feita também uma análise estatística. Para tanto, foi possível aplicar o teste não paramétrico U de Mann-Whitney, já que somente os grupos High Grade e Medium Grade puderam ser comparados estatisticamente. Os resultados obtidos mostraram que nenhuma medida de fluxo de caixa, em todos os anos analisados, com nível de 5% de significância, rejeita a hipótese nula de que as médias dos dois grupos são iguais. Porém, as medidas de fluxo de caixa, um (lucro líquido somado à depreciação e ao imposto de renda diferido) e sete (lucro operacional somado à depreciação e à mudança líquida entre os ativos e passivos circulantes), são as mais eficientes em rejeitar a hipótese nula, por apresentarem significância estatística em quatro dos seis anos analisados em cada uma. / The rating agencies describe rating as an opinion about the relative risk founded on the issuer?s capacity of payment of its financial obligation plus an interest rate at a stated period, in comparison with other issuers. In such case, the risk of the issuer pay its debt is as much important to the investors, to guarantee that the right amount will be paid at the agreed time, as to the issuers itself, to assure that they will accomplish their debt obligation and will be able to trade it on a secondary market. The relation between rating and financial variables has been studied on literature such as the important analysis made by Jay & Shank (1997), which connects rating with American manufacturing companies? cash flows through the average between five cash flows from different groups of rating. Nevertheless, the results of this analyze can?t prove a clear difference among the cash flow?s averages in the different groups of rating. In this manner, showed up an opportunity, which is the purpose of this thesis, of replying Jay & Shank (1997) studies onto Brazilian manufacturing companies evaluated by rating agencies in 2006. This thesis aimed at studying the relation between the cash flows and the companies? rating, which means verify if there is an expressive difference among the averages of the nine standard measurements of cash flows (five presented by Jay & Shank (1997) and four more suggested by this thesis) for each distinct group of ratings. The averages, the pattern deviations and the index of the pattern deviations divided by the averages, were calculated in order to verify descriptively the behavior of those companies classified onto different rating groups along the time, comparing them between themselves. So analyzing the averages along the time, it was possible to notice that the cash flow which was more significant showing the relation between the rating groups clearly, was the cash flow number six (operating income plus depreciation), which presented the relation between all the rating groups over the years. Besides the descriptive analysis, a statistic analysis was made. In this manner, it was possible to put into practice the non-parametrical Mann-Whitney U test, once only the High Grade and Medium Grade groups could be statistically compared. The results indicated that none of cash flows, all over the years, at 5% level of significance, rejects the null hypothesis which states that both groups are equal. However, the cash flow number one (net income from operating plus depreciation and deferred taxes) and seven (operating income plus depreciation and change in current assets and liabilities) are the most efficient in rejecting the null hypothesis, as they presented statistical significance in four of the six years considered in each one.
3

The Quantitative Assessment of Halo Effect

Gilchrist, Walter William 01 1900 (has links)
It is the purpose of this investigation to quantitatively assess the effect of halo in peer ratings of individuals in the areas of friendship, mental ability, and level of anxiety, by identifying the discrepancy between these ratings and the measurement of these characteristics by standardized tests.
4

Preferred Stock and the Debt-Equity Hybrid Puzzle: An Analysis Using Credit Ratings

Strawser, William 2011 May 1900 (has links)
This study investigates the effect of preferred stock on the credit ratings assessed by professional credit analysts. Preferred stock inherently contains both features of debt and equity financing. Hence, the nature of preferred stock has presented a puzzle to the efforts of accounting regulators such as the Financial Accounting Standards Board to consistently classify within the existing framework established by financial reporting standards. I find evidence that the association of preferred stock with credit analysts' assessments of credit risk depends on two factors. First, the association of preferred stock with credit ratings varies by the type of preferred stock. Preferred stock that is redeemable is negatively associated with credit ratings, while nonredeemable preferred stock bears no consistent association with credit ratings. Second, the negative association of redeemable preferred stock with credit ratings is sensitive to the firm's financial condition. For those firms in poor financial health, the negative association dissipates. This is in line with preferred stock's inability to drive an insolvent firm into bankruptcy.
5

The effects of borrower and lender reputation in credit markets

Bijapur, Mohan January 2000 (has links)
No description available.
6

An exploration of the underlying meaning of job performance ratings for different ethnic groups

Wilson, Kathlyn Y. January 2003 (has links)
Thesis (Ph. D.)--Ohio State University, 2003. / Title from first page of PDF file. Document formatted into pages; contains xiv, 169 p.; also contains graphics. Includes abstract and vita. Advisor: Robert Billings, Dept. of Psychology. Includes bibliographical references (p. 148-159).
7

It's the Economy Governor!: The Relationship between Economic Downturn and Gubernatorial Approval Ratings.

Skonberg, Paul 01 May 2011 (has links)
In political science there has always been an interest in the factors that affect the approval ratings of politicians, particularly the president. However, more recently that interest has been extended to the governors of the fifty states. This thesis explores that very question by focusing on the economy. Economic conditions for thirty-one different states were analyzed for three years covering the recent recession. The analysis revealed that traditional economic factors may not play as big a role in determining approval ratings as what was previously thought.
8

How Hollywood got its groove back : reimagining the mass audience through the Motion Picture Association of America's rating system

Sandler, Kevin Scott January 2001 (has links)
This dissertation explores how Hollywood, in the years following the creation of the Classification and Ratings Administration (CARA) in 1968, reimagined the "mass audience" in an age of audience fragmentation. Building on Richard Maltby's suggestion that the rating system did not cause "the majors to alter their fundamental assumptions about the nature of film as a commercial commodity," I will show how the industry successfully continued to portray itself as a producer of universal entertainment for an undifferentiated audience. Guaranteeing that all CARA certified films would be rendered "respectable" for its audiences was the key tactic in this strategy. The abandonment of the X through the cooperation of large, vertically aligned and integrated companies has ensured an unusual industrial stability under the mediating regulatory practices of CARA for almost thirty years. In the process of detailing how the studios successfully anticipated and accommodated CARA's requirements for what I term the "incontestable R"---in theory a "restricted" category, but in fact a category permitting all-ages consumption---I explore the consequences that arranging pictures for an R has for Hollywood production practices. By examining the ill-fated attempts to restore the adult category with the NC-17 rating in 1990 and Showgirls in 1995, I demonstrate how the continuing stigmatization of the NC-17 serves the economic interests of its large member distributors at the expense of small independent or unaffiliated distributors and exhibitors.
9

Do High School Football Recruit Ratings Accurately Predict NFL Success?

Wheeler, Nicholas 01 January 2018 (has links)
This paper explores the correlation between the recruit ratings of football players coming out of high school and their future levels of success in the NFL. Specifically, I look at a player’s star rating, numerical rating, and overall rank within his high school graduating class, according to 247Sports’s Composite Rating system, as the key variables for a player’s recruit rating. I measure NFL success by a player’s position in the NFL draft specific to both round and overall pick, average games played per season over his NFL career, highest annual cash earnings during his NFL career, and average Approximate Value per season in the NFL. Results indicate a significant relationship between recruit ratings and NFL success only when considering NFL draft selection as the measure for success. Broadly, recruit ratings don’t appear to correlate with success in the NFL.
10

An Analysis of Projection and its Association to Ratings of Personality Characteristics

Byrd, James W. 01 1900 (has links)
The purpose of this study was to determine which, if either, of the two types of projection discussed above, disowning and assimilative, is operative when an individual is asked to rate an acquaintance on a number of personality traits.

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