The main intention of this thesis is to provide theoretical and practical insight on commodity markets, specifically on gold and silver markets. The introductory section defines the basic characteristics and relationships between commodity and financial markets.The second section describes in detail the fundamentals of commodity markets. From a view on history, definition and distribution of basic commodities, it specifies the largest operators organizing trade with commodities. The last sub chapter of the second section is a description of the most popular ways of investing in commodities. In the third section, the content of the work reaches its core -- an analysis of the gold market. The first chapter of this section gives a picture of the general determinants of demand, supply and price of gold. The following analytical chapter discusses these essential characteristics from a dynamic perspective -- the development over time. Based on the dependencies and calculations, the work analyzes the rate of return and risk of gold and compares them with alternative investments. Final passage of the third section brings the specific investment opportunities in gold. In particular, for their inclusion in the core group of precious metals, as in the case of gold, the fourth section is devoted to the definition a marginal nature of the silver market.

Thesis (M.S. in Management of Technology)--Vanderbilt University, Dec. 2005. / Title from title screen. Includes bibliographical references.

Submitted by Maicon Juliano Schmidt (maicons) on 2015-07-13T19:06:44Z No. of bitstreams: 1 Davi Souza Simon.pdf: 27929950 bytes, checksum: e9a606d561ddb714e9de3c9022521f97 (MD5) / Made available in DSpace on 2015-07-13T19:06:44Z (GMT). No. of bitstreams: 1 Davi Souza Simon.pdf: 27929950 bytes, checksum: e9a606d561ddb714e9de3c9022521f97 (MD5) Previous issue date: 2013-01-31 / Nenhuma / Esta dissertação teve como objetivo estudar a presença no mercado brasileiro de ações da anomalia das ações de baixo risco (AABR), reportada originalmente por Black, Jensen, e Scholes (1972), na qual as ações de menor coeficiente beta apresentam resultados superiores aos das ações de beta elevado, contrariando as previsões do modelo CAPM, segundo as quais o retorno é função linear direta do risco dos investimentos realizados. Para isto, esse estudo teve como base cotações diárias ajustadas para proventos de ações listadas na BM&FBOVESPA durante um período de 18 anos (1995 a 2012), e consistiu na realização de diversos estudos de carteiras de investimentos nos quais as carteiras foram montadas agrupando as ações por ordem de coeficiente beta (estimados com base nos 750 dias anteriores tendo o IBOVESPA como variável explicativa). Os estudos foram realizados considerando cinco critérios alternativos de presença mínima das ações nas negociações dos 750 dias anteriores à seleção de ativos, de modo a permitir a análise da anomalia sobre diferentes restrições de liquidez, resultando na análise de um total de 86.350 carteiras. As evidências mostram que as carteiras formadas por ações de menor beta apresentam retornos mais elevados do que as carteiras de maior beta em cerca de oitenta por cento dos casos analisados, contrariando as previsões do modelo CAPM. Verificou-se também uma inversão do comportamento anômalo das carteiras durante as crises econômicas iniciadas em 1999, 2003 e 2007. Por meio de testes-t de diferenças de médias, verificou-se que as diferenças diretas entre as carteiras de menor e maior beta não são estatisticamente significantes na maior parte dos momentos de seleção. A realização de teste não paramétrico de diferença (teste de Kolmogorov-Smirnov) aponta pela não rejeição da hipótese de que os retornos das carteiras de menor e maior beta foram extraídos de distribuições estatísticas diferentes, levanta dúvidas e sugere a realização de estudos quanto à melhor forma de teste de diferenças de médias em amostras tão amplas quanto à adotada no presente estudo. Independentemente da questão da significância estatística dos resultados, a significância prática em função do maior retorno obtido pelas carteiras de beta baixo em 80% dos momentos de seleção de ativos aponta para a necessidade de estudos quanto aos motivos que poderiam explicar a anomalia, considerando inclusive formas alternativas para sua mensuração. / This dissertation aims to study the presence in the Brazilian stock market of the low-risk stocks anomaly, originally reported by Black, Jensen, and Scholes (1972), in which stocks with low beta coefficients present higher results than those of high-beta stocks, contrary to the CAPM predictions, under which the return is a direct and linear function of the investment’s systematic risk. For this purpose, this study is based on the daily prices (adjusted for dividends) of stocks listed on BM&FBOVESPA for a period of 18 years (1995-2012), and consisted of several portfolio studies in which the portfolios were assembled by grouping stocks through the order of their betas (estimated based on 750 days prior to portfolio selection). In order to allow the analysis of the anomaly on different liquidity constraints, five alternative criteria for the stocks minimum trading presence on the 750 days prior to the selection of assets were considered, totaling 86,350 portfolios analyses. Evidence shows that low-beta stocks’ portfolios have higher returns than high-beta stocks’ portfolios, in about eighty percent of the cases, contrary to predictions of the CAPM. There was also a reversal of the anomalous behavior of the portfolios during the economic crises started in 1999, 2003 and 2007. Through t-tests of differences in mean returns, it was found that the differences between the low-beta and the high beta portfolios are not statistically significant in most of studies performed. Through a nonparametric statistical test (Kolmogorov-Smirnov test), the hypothesis that low-beta and high-beta stocks portfolios returns were extracted from different statistical distributions was not rejected, raising questions and suggesting further studies as to the most appropriate approach to test mean differences in samples as large as the one adopted in the present study. Regardless of the issue on the results’ statistical significance, the practical significance due to the higher returns of low-beta portfolios when compared to high-beta portfolios, in about 80% of the asset selection moments, points to the need of further studies on the reasons that could explain the anomaly, considering alternative approaches on how to measure it.

Problem When choosing topic for this study the economy was on the brink of a recession. Many experts made varying statements regarding this fact, and further readings in this area led us to question: can an in- clusion of gold enhance the performance in an index portfolio dur- ing recessions? And if so, how much should be allocated to gold? Purpose The purpose of this thesis is to look back at the historical price de- velopment of gold and DJIA during recessions in order to find out whether an inclusion of gold can improve a DJIA index portfolio held in today’s recession. In addition, by analyzing the risks and pos- sibilities with gold, the optimal allocation of gold in a DJIA portfolio will be investigated in.   Method The methodological approach will be of a quantitative data analysis approach. By using historical data, new empirical findings will be found by using the deductive approach. This method has been cho- sen due to the nature of the purpose and in order to best give a gen- eral answer to our research questions. Conclusion The gold price is strongly influenced by uncertainty, and even though an optimal allocation of gold in each recession could be found, no general optimal allocation applicable in today’s recession could be found. Gold has higher risk (higher variance) than DJIA, but is compensated with higher return as well.

<p><strong>Problem</strong></p><p>When choosing topic for this study the economy was on the brink of a recession. Many experts made varying statements regarding this fact, and further readings in this area led us to question: can an in- clusion of gold enhance the performance in an index portfolio dur- ing recessions? And if so, how much should be allocated to gold?</p><p><strong>Purpose</strong></p><p>The purpose of this thesis is to look back at the historical price de- velopment of gold and DJIA during recessions in order to find out whether an inclusion of gold can improve a DJIA index portfolio held in today’s recession. In addition, by analyzing the risks and pos- sibilities with gold, the optimal allocation of gold in a DJIA portfolio will be investigated in.</p><p> </p><p><strong>Method</strong></p><p>The methodological approach will be of a quantitative data analysis approach. By using historical data, new empirical findings will be found by using the deductive approach. This method has been cho- sen due to the nature of the purpose and in order to best give a gen- eral answer to our research questions.</p><p><strong>Conclusion</strong></p><p>The gold price is strongly influenced by uncertainty, and even though an optimal allocation of gold in each recession could be found, no general optimal allocation applicable in today’s recession could be found. Gold has higher risk (higher variance) than DJIA, but is compensated with higher return as well.</p>

Setting up commercial production processes for the implementation of the contract in order to compare the real cost of such feedback on the creation of new quotes, to competitions with the system design cycle for the company. Making offers medium-sized companies engaged in construction works. Calculation of prices of construction work carried out in various ways for their implementation and impact on the cost factors in the implementation. Further back control procedures and evaluation of the contract. Establishing procedures for the handling of tenders, including a computer model for the evaluation carried out orders. Comparison of the calculated costs and actual costs should also serve to assess the performance of each specific production units. Monitoring specifically selected structures and comparing the facts with the theoretical assumptions before work and possible alternative implementation. The aim of this work is to set a permanent system of finding cost of the work and create a proposal for making use of fixed prices for the purpose of processing new quotation. Benefit their own construction equipment as compared to the possible use of engineering methods, the sub-contractors. All this should help increase the competitiveness of the company.

ESG (Environmental, social, and governance) investing is an investment philosophy to inform holistic and sound decision-making of investors for the purposes of both, nourishing a stable economy with acceptable rates of return while at the same time addressing stakeholders' non-financial concerns to preserve an inhabitable planet. Some scholars in finance argue that institutions subject to norms, i.e. responsible investors pay a financial cost from engaging in ESG activities. Moreover, they see ESG investing as distracting, inappropriate, risky and legally challenging. In response, several studies have emerged to show that ESG investing is a growing interest with investors, helps to mitigate financial risks, and does not need to represent a financial cost. Despite convincing evidence in a growing body of academic literature, many questions are still open to debate. Therefore, the principal objective of this thesis is to explore three dimensions of ESG investing, namely corporate environmental responsibility, renewable energy, and ESG disclosure quality. The research questions address issues relating to pension funds' investment decisions and legal obstacles resulting from utilising ESG information, financial return and risk implications of investing in renewable energy, substitutability of renewable energy for fossil fuel investments, and the effects of ESG disclosure quality on the expected cost of capital. To answer these questions, the thesis employs several standard and alternative empirical methods from the asset pricing and risk literatures. The thesis concludes the following. First, the integration of environmental responsibility into pension fund investment decision-making processes does not impede the financial and risk performance of pension funds. This means that pension funds should be allowed to consider such information in their investment decision making processes as the information does not reduce the overall financial return of the tested portfolios and does not violate trust law, i.e. the Employee Retirement Income Security Act (ERISA). Pension fund trustees have been prohibited to consider any non-financial criteria such as environmental, social, or governance criteria in their investment processes under trust law such as ERISA, when they could harm the finanical performance of the portfolio. To be more specific, a pension fund trustee breaches his fiduciary duties (the duty of loyalty and the duty of prudence), if he sacrifices the financial well-being of the pension fund for pursuing any other social goal (Langbein and Posner, 1980). In particular, the duty of loyalty is &quot;... forbidding the trustee to invest for any object other than the highest return consistent with the preferred level of portfolio risk&quot; (Langbein and Posner, 1980:98). Second, the thesis finds no evidence for sustained renewable energy equity premia. Furthermore, investments in renewable energy equity are considerably riskier than in fossil fuel energy equity, meaning that renewable energy firms are undergoing a period of high uncertainties related to their business model, low carbon prices, and lacking public and private infrastructure investment (Bohl et al., 2013; Kumar et al., 2012; Sadorsky, 2012b ). Finally, my thesis shows that companies with high ESG disclosure quality experience lower expected cost of equity and cost of debt financing, everything else equal.

The present work had objective to analyze the economic-financial viability of aquaculture projects investment in cages for native species (jundiá, pacu and curimba). Aquaculture/fishculture inside of agribusiness has been presenting a growing interest and it should continue like this next decades, tends in view the stagnation in the fish offer originating from of the capture and of the growing increase in the demand for food with the increment of the world population. The increase of the consumption of fish and the progress of the aquaculture demand information for taking of decision about the economic viability of the enterprises in this area, mainly to native species. The investors, producers, technicians, fomentation organs and other institutions affect to the area, need safe information for taking decision about economic-financial viability of aquaculture/fishculture projects. In this sense this work verified that the production of native species in cages in the reservoir of Itaipu is unviable for the species jundiá (Rhamdia quelen) and curimba (Prochilodus lineatus), and viable for the Pacu (Piaractus mesopotamicus), which presented better adaptive to the production system and the climatic conditions. Analysis of Investment Return, Rate of Return, profitable Index, Internal Return Rate (IRR), Net Present Value (NPV) and Payback Period, all favorable ones were shown positively, with positive probability of occurrence ranging between 5% to 95% (90%) of the return of investment in a period among two (2) for three (3) years for the Monte Carlo simulation method. / O presente trabalho teve como objetivo analisar a viabilidade econômico-financeira de investimento em projetos aqüícolas, especificamente em tanques-redes para espécies nativas (jundiá, pacu e curimba). A atividade aqüícola dentro do agronegócio tem apresentado um interesse crescente e assim deve continuar nas próximas décadas, tendo em vista a estagnação na oferta de pescado oriundo da captura e do crescente aumento na demanda por alimento com o incremento da população mundial. O crescimento do consumo de pescados e o avanço da aqüicultura demandam informações para tomada de decisão sobre a viabilidade econômica dos empreendimentos nesta área, principalmente no que se refere às espécies nativas. Os investidores, produtores, técnicos, órgãos de fomento e demais instituições afetas à área necessitam de informações seguras para tomada de decisão relativa a viabilidade econômica-financeira de projetos aqüícolas. Neste sentido este trabalhou verificou que a produção de espécies nativas em tanques-rede no reservatório de Itaipu se mostrou inviável para as espécies jundiá (Rhamdia quelen) e curimba (Prochilodus lineatus), e viável para a espécie Pacu (Piaractus mesopotamicus), a qual apresentou melhor adaptabilidade ao sistema de produção e as condições climáticas. Para a espécie pacu, a análise de Retorno do Investimento, da Taxa de Retorno, Índice de Lucratividade, Taxa Interna de Retorno (TIR), Valor Presente Líquido (VPL) e Período de Retorno do Investimento, se mostraram todos favoráveis positivamente, com probabilidade positiva de ocorrência variando entre 5% a 95% (90%) do retorno do investimento em um período entre dois (2) a três (3) anos pelo método de simulação de Monte Carlo.

The thesis focuses proposal business plan for company Esponex s.r.o., which wants to enter the market with used spare parts for cars as a mediator. The purpose is proposal business plan for project Vrakotechna.cz and successful launch of new intermediary services on the market. The thesis contains a theoretical part, an analysis of the current state and proposal business plan. The theoretical part discusses the basic terms related to business plans. The analytical part focuses on introduction of the company, its mission, analysis of the market, where the company operates and also includes an analysis of target customer, the company surroundings, competition and SWOT analysis. The aim is to proposal a business plan, particularly marketing and financial plan.