The foundation stone of this thesis is to perform a financial analysis of Czech non-financial companies for the years from 2007 to 2009 in order to evaluate development of the basic groups of financial analysis ratios before and after the outbreak of the financial crisis. Based on this analysis, I analyze the changes of the selected ratios in relation with the macroeconomic development. This is carried out by means of the description in words and for some significant changes using correlation analysis with GDP. The analysis results in the findings that the changes of ratios of return on assets and return on equity were negative in the analyzed period and for each year the factors of these changes are tracked using the pyramidal decomposition. In the statistical part of my thesis I partially succeeded in proving linear correlation between return on assets and GDP and a lower confidence level linear correlation between personnel cost to revenues ratio and GDP. Also, there were some correlations between individual ratios found to be significant.

Made available in DSpace on 2016-04-25T18:39:38Z (GMT). No. of bitstreams: 1 Geraldo da Silva.pdf: 685183 bytes, checksum: aa375a6eceeca2401599810da72277c9 (MD5) Previous issue date: 2011-05-12 / The emergence of corporate governance according to a majority of the academic world was in the 20th century, with the study of Berle and Means in 1932. But there is another thought that arose in the 18th century, with the need to reverse an economic crisis of 1754 in the Grand State of Para and Maranhão, where was prepared a document of the enterprise s statutes. The agency conflict becomes the central point of this discussion, as well as financial scandals, and with it the need of increasing to create procedures and laws to minimize these types of problems, and this way keeping in constant evolution. The overall objective is to examine if the entry of firms at different levels of Corporate Governance of Bovespa influences on financial performance. In Brazil, the Corporate Governance is increasingly present in the environment of companies, due to globalization, and this has led organizations such as CVM, IBGC and Bovespa to establish new recommendations / guidelines for business practices. Since 2001, some companies started to stick to the rules for admission to different levels of corporate governance established by Bovespa. The study was based on a sample of 42 companies listed in levels of Corporate Governance of Bovespa, and the independent variable is the date of admission to these levels, and the dependent variables are ROA and ROE, which were divided into 12 quarters before and 12 quarters after admission, to measure financial performance. In the statistical tests including the linear regression could not find any evidence that they improved the financial performance of companies in the selected sample. The final conclusion of this work paper is that it was not prove that the fact that companies submit to the regulations and consequently joined differentiated levels of Corporate Governance of Bovespa had any positive impact in financial performance these companies / O surgimento da Governança Corporativa de acordo com uma grande maioria do mundo acadêmico data do seculo XX, com o estudo de Berle e Means em 1932. Mas existe outra corrente que explica que tenha surgido no século XVIII, com a necessidade de reverter uma crise econômica de 1754 no Estado do Grão-Pará e Maranhão, aonde foi elaborada uma minuta dos estatutos do empreendimento. O Conflito de Agência se torna o ponto central desta discussão, como também os escândalos financeiros, e com isso a necessidade de cada vez maior se criar procedimentos e leis para minimizar estes tipos de problemas, desta forma se mantendo em constate evolução. O objetivo geral é analisar se o ingresso das empresas nos níveis diferenciados de Governança Corporativa da Bovespa influencia no desempenho financeiro das empresas. No Brasil, a Governança Corporativa está cada vez mais presente na vida das empresas, devido à globalização, e com isso levou entidades como CVM, IBGC e Bovespa a definirem novas recomendações/regras para obter melhores práticas corporativas. A partir de 2001, algumas empresas começaram a se adequar às regras para o ingresso nos níveis diferenciados de Governança Corporativa criados pela Bovespa. O estudo partiu de uma amostra de 42 empresas listadas nos níveis de Governança Corporativa da Bovespa, sendo que a variável independente é a data de adesão a estes níveis, e as variáveis dependentes são ROA e ROE, que foram divididos entre 12 trimestres antes e 12 trimestres depois da data de adesão, para medir o desempenho financeiro. Nos testes estatísticos incluindo a regressão linear não foi possível encontrar nenhuma evidência de que houve melhora no desempenho financeiro das empresas da amostra selecionada. A conclusão final do trabalho é que não se pode comprovar que o fato, de as empresas que submeteram aos regulamentos e consequentemente ingressaram aos níveis diferenciados de Governança Corporativa da Bovespa, teve algum impacto favorável no desempenho financeiro dessas empresas

<p>Bakgrund: Redovisningsinformation är en informationskälla för främst aktieägare och långivare. Investerare använder informationen för att kunna göra prognoser för framtida kassaflöden och därigenom prissätta aktier i syfte att uppnå lönsamma, långsiktiga placeringar på aktiemarknaden. Kan en investerare få hjälp av företagens redovisning för att öka värdet på sin placering?</p><p>Syfte: Att undersöka sambandet mellan räntabilitet på eget kapital och aktiers effektiva avkastning</p><p>Avgränsningar: Studien omfattar tiden 1997 till 2004 och baseras på företag tillhörande branschen Konsumentvaror, enligt tidningen Affärsvärldens branschindelning.</p><p>Genomförande: Sambandet mellan parametrarna utvärderas med hjälp av regressionsanalys. För varje år utförs regressioner för att fastställa förklaringsgrad, lutningskoefficient samt regressionens signifikans. Eftersom undersökningsperioden sammanfaller med den kraftiga börsnedgången på aktiemarknaden studeras dess påverkan på prognostillförlitligheten. Detta undersöks genom att dela in undersökningsperioden i tre tidsperioder, före under och efter nedgången.</p><p>Slutsats: Det som kan sägas är att räntabilitetsprognoserna, under vår undersökningsperiod, inte var ett bra mått att se till för att förutsäga aktiers verkliga avkastning. Orsakerna till den negativa kopplingen mellan aktiemarknaden och redovisningen kan endast spekuleras i och kan bero på psykologiska fenomen, investerarnas försummelse av räntabilitetsprognoserna eller att prognoserna redan vid publiceringstillfället var diskonterade i aktiekurserna.</p> / <p>Background: Accounting is a source of information mainly aimed for shareholders and lenders. Investors use the information to create forecasts for future cash flows and in that way to price shares in purpose to achieve profitable, long-term investments on the stock market. Is it possible for an investor to get help from the accounting to increase the value of their investment?</p><p>Purpose: To examine the relation between return on owners’ equity and stock return.</p><p>Limitation: The examined period is between 1997 and 2004 and comprises the companies that according to the magazine Affärsvärlden belong to the branch Consumer goods.</p><p>Realization: The relation between parameters is evaluated by regression analysis. The regressions are performed for each examined year to get explanatory power, regression coefficient and significance. Because the examined period coincident with the stock market decline, we have studied this influence on the forecasts reliability. We have examined this by splitting the examine period into three parts: before, during and after the stock market decline.</p><p>Results: The forecasts of return on equity were not a good measure to predict the stock return. The causes to the negative connection between the stock market and accounting can just be speculated. It can depend on the psychological phenomenon, the ignorance of the forecasts by the investors or because that forecasts at the moment they are published already were included in the stock prices.</p>

The aim of this thesis is to study the risk for two Swedish companies, Axfood and Volvo. To test the required return on equity, a bottom-up beta approach and a CAPM regression beta are used. This thesis concludes that the bottom-up beta gives a truer reflection and a more updated beta value than a CAPM regression beta on the firm’s current business mix, the CAPM beta takes only the past stock prices into consideration. The empirical results for Volvo conclude that the levered bottom-up beta is 1.09 and the CAPM β is 0.52 for Volvo. The empirical results for Axfood which is categorized as consumer goods sector implies that the levered bottom-up beta is 0.87 while the CAPM regression beta is 0.29.

Background: There is a general belief that value stocks, historically, have created a greater return of investment compared to growth stocks. Investors can, through key ratios, compare companies to one another and thereby gain a solid appreciation whether a company is overvalued or undervalued relative to other comparable companies. The problem for investors is how to identify these value stocks and exploit mispricing in the market. Aim: The purpose of this study is to analyze investment strategies that are based on the Price-to-Book ratio on the Swedish stock market. Completion: To meet the purpose, the study is based on a deductive foundation with a quantitative method. Two investment strategies are investigated based on the Price-to-book ratio. The first strategy sorts the material following the value of the multiple, whereas the other strategy relies on regression analysis where interest on own capital is used as an explaining variable. Results: To only look at the price-to-book ratio, in order to distinguish undervalued stocks, does not work in the Swedish stock market during the period of 31-03-04 to 31-03-2015. It can be concluded that the combination used in the developed strategy works to identify value stocks that have a significantly higher cumulative return compared to the OMX Stockholm Price Index. / Bakgrund: Det finns en övertygelse om att värdeaktier historiskt har skapat högre avkastning än tillväxtaktier. En investerare kan genom värderingsmultiplar och nyckeltal jämföra bolag med varandra och skapa sig en uppfattning huruvida ett bolag är över- eller undervärderat relativt jämförande bolag. Problematiken ligger i hur en investerare skall identifiera värdeaktier och utnyttja felprissättningar på aktiemarknaden. Syfte: Syftet med studien är att analysera investeringsstrategier baserade på multipeln Pris/Bokfört värde på den svenska aktiemarknaden. Genomförande: För att uppfylla syftet utgår studien från en deduktiv ansats med en kvantitativ metod. Två investeringsstrategier undersöks baserade på multipeln Pris/Bokfört värde. Den ena strategin sorterar materialet utefter multipelns värde och den andra strategin genomförs med hjälp av regressionsanalys där räntabilitet på eget kapital används som förklarande variabel. Resultat: Att endast utgå från Pris/Bokfört värde, för att urskilja undervärderade aktier fungerar inte på den svenska aktiemarknaden under åren 2004-2015. Det kan fastställas att kombinationen i den utvecklade strategin fungerar för att identifiera värdeaktier som har en markant högre kumulativ avkastning jämfört med OMXSPI.

Bakgrund: Redovisningsinformation är en informationskälla för främst aktieägare och långivare. Investerare använder informationen för att kunna göra prognoser för framtida kassaflöden och därigenom prissätta aktier i syfte att uppnå lönsamma, långsiktiga placeringar på aktiemarknaden. Kan en investerare få hjälp av företagens redovisning för att öka värdet på sin placering? Syfte: Att undersöka sambandet mellan räntabilitet på eget kapital och aktiers effektiva avkastning Avgränsningar: Studien omfattar tiden 1997 till 2004 och baseras på företag tillhörande branschen Konsumentvaror, enligt tidningen Affärsvärldens branschindelning. Genomförande: Sambandet mellan parametrarna utvärderas med hjälp av regressionsanalys. För varje år utförs regressioner för att fastställa förklaringsgrad, lutningskoefficient samt regressionens signifikans. Eftersom undersökningsperioden sammanfaller med den kraftiga börsnedgången på aktiemarknaden studeras dess påverkan på prognostillförlitligheten. Detta undersöks genom att dela in undersökningsperioden i tre tidsperioder, före under och efter nedgången. Slutsats: Det som kan sägas är att räntabilitetsprognoserna, under vår undersökningsperiod, inte var ett bra mått att se till för att förutsäga aktiers verkliga avkastning. Orsakerna till den negativa kopplingen mellan aktiemarknaden och redovisningen kan endast spekuleras i och kan bero på psykologiska fenomen, investerarnas försummelse av räntabilitetsprognoserna eller att prognoserna redan vid publiceringstillfället var diskonterade i aktiekurserna. / Background: Accounting is a source of information mainly aimed for shareholders and lenders. Investors use the information to create forecasts for future cash flows and in that way to price shares in purpose to achieve profitable, long-term investments on the stock market. Is it possible for an investor to get help from the accounting to increase the value of their investment? Purpose: To examine the relation between return on owners’ equity and stock return. Limitation: The examined period is between 1997 and 2004 and comprises the companies that according to the magazine Affärsvärlden belong to the branch Consumer goods. Realization: The relation between parameters is evaluated by regression analysis. The regressions are performed for each examined year to get explanatory power, regression coefficient and significance. Because the examined period coincident with the stock market decline, we have studied this influence on the forecasts reliability. We have examined this by splitting the examine period into three parts: before, during and after the stock market decline. Results: The forecasts of return on equity were not a good measure to predict the stock return. The causes to the negative connection between the stock market and accounting can just be speculated. It can depend on the psychological phenomenon, the ignorance of the forecasts by the investors or because that forecasts at the moment they are published already were included in the stock prices.

Research issue: The transition from Basel II to Basel III becomes consuming for banks, financially. But Basel III should be profitably for financial market economy. Risks in the financial world is very complex. Is Basel III is sufficient to manage risk and future crises Purpose: The purpose of this paper is to examine the application of Basel II and the transition to Basel III in Sweden with the banking system in focus. Method: The study has a qualitative research methodology for the collection of empirical data. The study is based on interviews with four large banks of Sweden (Swedbank, SEB, Nordea, Handelsbanken) and with Finansinspektionen. We also used previous studies, books and rapports. Conclusions: Basel has no direct connection to the profitability of the banks. The translation to Basel III was an obvious step for a more stable financial market. With Basel III it became more expensive for the banks; the more cost the less returns and hence led dividends for shareholders. But the banks will not bear the costs themselves, the costumers will get affected. Banks have begun to adapt to Basel III. There are requirements to save equity immediately not only in crisis. Which leads to the return is not likely to be lowered at bad times.

<p>The aim of this thesis is to study the risk for two Swedish companies, Axfood and Volvo. To test the required return on equity, a bottom-up beta approach and a CAPM regression beta are used. This thesis concludes that the bottom-up beta gives a truer reflection and a more updated beta value than a CAPM regression beta on the firm’s current business mix, the CAPM beta takes only the past stock prices into consideration. The empirical results for Volvo conclude that the levered bottom-up beta is 1.09 and the CAPM β is 0.52 for Volvo. The empirical results for Axfood which is categorized as consumer goods sector implies that the levered bottom-up beta is 0.87 while the CAPM regression beta is 0.29.</p>

Bakgrund: Samhällsintresset bland konsumenter har ökat, vilket har bidragit till att både svenska och internationella företag måste agera och ta sitt sociala ansvar.  Hållbarhet berör alla företag runt om i världen och i takt med detta skapas en angelägenhet för företag att arbeta i linje med CSR (Corporate Social Responsibility). Hur mycket ansvar ska företagen ta? Är målet att endast uppnå vinstmaximering eller ska CSR-perspektivet tas i beaktning? Syfte: Syftet i denna studie är att undersöka hur CSR-arbete påverkar svenska företags finansiella prestanda, med avseende på lönsamhet (CFP). Metod: Denna studie har använt en deduktiv kvantitativ metod, för att kunna besvara studiens frågeställning samt uppfylla syftet. Folksams rapport “Index för ansvarsfullt företagande” användes för att operationalisera CSR-variabeln och Tobin’s Q, ROE, ROA samt vinstmarginal användes för att operationalisera lönsamhet. För att undersöka vilket samband som råder genomfördes multipel regressionsanalys. Slutsats: Studiens resultat påvisar att det råder ett negativt samband mellan CSR och lönsamhetsmåttet ROE. Resterande lönsamhetsmått Tobin’s Q, ROA och vinstmarginal råder det inget samband, då det inte går att statistiskt påvisa. / Background: Consumer interest in the community has increased, which has helped both Swedish and international companies to act and take their social responsibility. Sustainability affects all companies around the world and, such as, creates an issue for companies to work with CSR (Corporate Social Responsibility). How much responsibility should companies take? Is the goal to only maximize profits, or should the CSR-perspective be considered? Purpose: The purpose of this study is to examine how CSR affects Swedish company’s financial performance, in terms of profitability (CFP). Methodology: This study has used a deductive quantitative method to be able to make a statistical generalization, to answer the question of the study as well as fulfillment the purpose. Folksam’s report “index för ansvarsfullt företagande” was chosen to operationalize the CSR-variable, and Tobin’s Q, ROE, ROA och profitmargin were used to operationalize profitability. To examine how CSR affects financial perfomance a multiple regression analysis was used. Conclusion: The studys results indicate that there is a negative correlation between CSR and ROE. Remaining profitability Tobin’s Q, ROA and profitmargin indicates that there is no significant correlation between CSR and profitability.

The globalized economy has incentivized Swedish companies to invest abroad, especially in emerging markets. When expanding into foreign markets companies must evaluate the adhering risks associated with that particular market. It is paramount that companies account for the country risk in their investment analysis, as any miscalculations could have detrimental effects on a company. Evaluating country risk has proven to be difficult due to the sheer range of aspects that may affect an investment. This study examines the required return on equity of Swedish companies in six different markets, and compares it to three different evaluation models in order to determine what variables constituted any misevaluations. Our analysis indicated that a majority of Swedish companies require too high return on equity compared to the empirical results of the applied model. / Globaliseringens utveckling har lett till att svenska investeringar på utländska marknader och ”emerging markets” ökat under de senaste åren. När företag expanderar till utländska marknader tillkommer nya risker som måste beaktas. Således har landsrisken blivit en väsentlig del av värderingen. Landsrisken har visat sig varit svårvärderad då det finns ett antal aspekter som måste beaktas. En eventuell felbedömning kan ha förödande konsekvenser för ett företag. Denna studie undersöker svenska företags avkastningskrav på sex olika marknader gentemot tre värderingsmodeller, och vilka faktorer som påverkat en potentiell fel värdering. Studien visar att majoriteten av de svenska företagen har ett högre avkastningskrav än vad de tillämpade modellerna beräknat.