近年來，一方面由於台灣資本市場的發展日益蓬勃，另一方面則因台灣企業日趨大型化、國際化，相對於過去大都趨於現金增資、盈餘及資本公積轉增資等權益型態融資，現階段則更傾向多種融資管道及融資工具的交互運用，可轉換公司債市場發行者日益增加。 因此，本研究欲探討當公司選擇於國內融資，選擇現金增資與發行可轉換公司債之企業，兩者的財務特性是否具有差異；探討當公司選擇發行可轉換公司債，則發行國內可轉換公司債與發行海外可轉換公司債之企業，兩者的財務特性是否具有差異；探討台灣資訊電子業其從事籌資活動時之融資偏好概況。 本研究分別以Multinomial Logit模型以及Nested Logit模型分析民國89至93年間上市上櫃發行國內可轉換公司債、海外可轉換公司債或現金增資之資訊電子業公司，探究發行公司是否具備某種財務特性，而影響其融資選擇。研究結果發現： 1. 以Multinomial Logit模型分析時，選擇發行現金增資及國內可轉換公司債的融資選擇上，資產總額取對數值(表公司規模)、銷貨成長率(表成長性)愈小者，資產報酬率(表獲利能力)、負債比率(表財務風險)、營業利潤率標準差(表營運風險)、自由現金流量比率(表代理問題)愈高者，愈傾向發行國內可轉換公司債。選擇發行海外可轉換公司債及國內可轉換公司債的融資選擇上，資產總額取對數值(表公司規模)、銷貨成長率(表成長性)、營業利潤率標準差(表營運風險)、自由現金流量比率(表代理問題)愈小者，負債比率(表財務風險)、資產報酬率(表獲利能力)愈高者，愈傾向發行國內可轉換公司債。 2. 以Nested Logit模型分析時，選擇發行現金增資及國內可轉換公司債的融資選擇上，資產總額取對數值(表公司規模)及負債比率(表財務風險)愈高者，銷貨成長率(表成長性)、資產報酬率(表獲利能力)、營業利潤率標準差(表營運風險)、自由現金流量比率(表代理問題)愈低者，愈傾向發行國內可轉換公司債。選擇發行海外可轉換公司債及國內可轉換公司債的融資選擇上，資產總額取對數值(表公司規模)、銷貨成長率(表成長性)、營業利潤率標準差(表營運風險)、資產報酬率(表獲利能力)愈小者，負債比率(表財務風險)、自由現金流量比率(表代理問題)愈高者，愈傾向發行國內可轉換公司債。 3. 經由Hausman Test檢定其融資選擇之間的IIA條件之後，發現此三項融資選擇之間無任何相關性，因此可知其適用之模型為Multinomial Logit Model。 4. 對於台灣的資訊電子產業而言，就其財務特性中之公司規模、成長性、獲利能力、財務風險、營運風險以及自由現金流量比率看來，發行海外可轉換公司債均應至少屬其融資時的前二位選擇。 5. 影響企業傾向選擇發行海外可轉債的機率程度由大致小排列為：公司規模、獲利能力、財務風險、營運風險、成長性、自由現金流量比率。 / In recent years, more and more companies tend to finance with other instruments except for seasoned equity offerings. Therefore, my paper attempts to explore if there exists differences in the financial characteristics of the companies who finance with seasoned equity offerings or convertible bonds, and if there exists differences in the financial characteristics of the companies who finance with European convertible bonds or domestic convertible bonds. Besides, I try to find the general situation of the financing behavior in the information and electronic industry in Taiwan. The main empirical results show: 1. The financing behavior of information and electronic industry in Taiwan is suitable for the use of Multinomial Logit model. It means that three financing instruments, seasoned equity offering, European convertible bond, and domestic convertible bond, are independent with each other. 2. As for the information and electronic industry in Taiwan, issuing European convertible bonds is probably the first two choices when discussing the financial characteristics of the firm size, growth, profitability, financial risk, operational risk and the ratio free cash flow. 3. The most influential factor that causes companies to issue European convertible bonds instead of domestic convertible bonds is firm size. And the least influential factor that causes companies to issue European convertible bonds instead of domestic convertible bonds is the ratio of free cash flow.

Submitted by douglas pinheiro (douglasbpinheiro@bol.com.br) on 2014-03-13T02:59:35Z No. of bitstreams: 1 Texto Entrega - Final.pdf: 1947912 bytes, checksum: 3c9bf11c80c41c608d5be807e73886f1 (MD5) / Approved for entry into archive by PAMELA BELTRAN TONSA (pamela.tonsa@fgv.br) on 2014-03-17T14:33:20Z (GMT) No. of bitstreams: 1 Texto Entrega - Final.pdf: 1947912 bytes, checksum: 3c9bf11c80c41c608d5be807e73886f1 (MD5) / Made available in DSpace on 2014-03-17T14:36:39Z (GMT). No. of bitstreams: 1 Texto Entrega - Final.pdf: 1947912 bytes, checksum: 3c9bf11c80c41c608d5be807e73886f1 (MD5) Previous issue date: 2014-02-24 / In public offerings, whether initial public offerings (IPO) or seasoned public offerings (SEO), whose sale occurs via firm commitment, is common to include a stabilization clause, which allows underwriters repurchase shares on the market after the beginning of negotiations with the aim of delaying or preventing the fall in the value. The repurchased shares are those from the option given by the issuer to the underwriter for the sale in excess of up to 15% of the shares initially offered, in addition, in case of strong demand an additional sale can occur up to the limit of 20% of the initial offering, called hot-issue, but these actions are cannot be repurchased. The green shoe option allows the underwriters buy part or all the shares sold in excess, increasing supply permanently. This thesis evaluates, in this order, the main determinants of stabilization and its effects on short-term return of SEOs, the effects on the cost of issuing shares and then the effect on the long-term return of IPOs and SEOs, each topic is evaluated in a different and independent chapter, after an introductory chapter which describes the structure of the thesis. In the first chapter the results indicate that in SEOs, the risk, liquidity and demand of domestic and foreign institutional investors are important in determining the occurrence of over-allocation and stabilization, and in addition to these factors the demand from retail investors also affect the intensity of stabilization. As for the effects on return immediately after the end of stabilization, the non-stabilized SEOs exhibit short-term return higher than stabilized and, on average, the prices do not fall after the end of stabilization, however, the greater the intensity of the repurchases, the lower are post-stabilization returns. In the second chapter, it was found that underwriters predict the intensity of stabilizing and/or the exercise of the greenshoe and hot-issue options, and since they are paid by the sale of these additional shares, they adjust ex-ante the remuneration charged to issuers, not appropriating of an eventual profit nor bearing the cost of repurchase and return the shares to the issuer. These results were observed both in IPOs and SEOs, moreover, the same effect was observed in the total costs. In the latter chapter has been shown that the level of stabilization and/or exercise of the green shoe and hot-issue does not affect the long-term return of IPOs, however the greenshoe and 9 hot-issue exercise negatively affect the adjusted cumulative returns of SEOs until the 3rd year after the issuance, even when controlling by the issuance size and market-to-book ratio. Some major contributions of this thesis are: 1) despite the difference in the risk level, the results of the occurrence and intensity of stabilization are generally similar to those observed for IPOs, 2) this is the first study to examine the stabilization effects in SEO short-term returns, as well as its finding that the market return influences the intensity of stabilization, 3) for the first time shows that the size of the stabilization process are anticipated by underwriters and in the context of a competitive market, are included into the cost of issuing IPO and SEO, 4) notes that the stabilization process has effect on long-term return of SEOs. All these results cast doubt on studies of return and compensation of public offerings that exclude such information in their models. / Em ofertas públicas de ações, sejam elas ofertas públicas iniciais (IPO) ou ofertas públicas subseqüentes (SEO), cuja venda ocorre via garantia firme de subscrição e liquidação é comum a inclusão de uma clausula de estabilização, que permite aos underwriters recomprar ações no mercado após o início das negociações com o objetivo de postergar ou evitar a queda do valor. As ações recompradas são aquelas provenientes da opção dada pelo emissor ao underwriter para a venda em excesso de até 15% das ações inicialmente ofertadas, além disso, no caso de forte demanda uma venda complementar pode ocorrer até o limite de 20% da oferta inicial, chamada de hot-issue, porém essas ações não são passíveis de recompra. A opção de greenshoe permite ao underwriter comprar parte ou todas as ações vendidas em excesso, aumentando a oferta permanentemente. Essa tese avalia, nesta ordem, os principais determinantes da estabilização e efeitos no retorno de curto prazo de SEOs, os efeitos sobre o custo da emissão e depois o efeito sobre o retorno de longo prazo de SEOs e IPOs, cada assunto é tratado em um capítulo diferente e independente, após um capítulo introdutório que descreve a estrutura da tese. No primeiro, os resultados indicam que em SEOs o risco, a liquidez e a demanda de investidores institucionais nacionais e estrangeiros são importantes na determinação da sobrealocação e ocorrência da estabilização, e que além desses fatores a demanda dos investidores de varejo também influencia a intensidade da estabilização. Quanto aos efeitos no retorno imediatamente após o fim da estabilização, SEOs não estabilizados apresentam retorno de curto prazo maior que os estabilizados não há, em média, queda do preço das ações após o fim da estabilização, no entanto, foi constatado que SEOs intensamente estabilizados apresentam retorno pós-estabilização menores. No segundo, foi constatada que os underwriters prevêem a intensidade da estabilização e/ou do exercício do greenshoe e hot-issue, e uma vez que são remunerados pela venda dessas ações suplementares, ajustam ex-ante a remuneração cobrada dos emissores, não se apropriando um eventual lucro nem suportando o custo de recompra e devolução das ações. Esses resultados foram observados tanto nos IPOs quanto nos SEOs e o mesmo efeito foi observado nos custos totais. No último foi mostrado que o nível de estabilização e/ou exercício do greenshoe e hot-issue não afetam o retorno de longo prazo dos IPOs, no entanto exercício do greenshoe e hot-issue afetou negativamente o retorno acumulado ajustado dos SEOs até o 3º ano após a emissão, inclusive quando controlado pelo volume da emissão e market-to-book. Algumas contribuições importantes desta tese são: 1) apesar da diferença no nível de risco, os resultados da ocorrência e intensidade da estabilização são em geral semelhantes àqueles observados para IPOs; 2) este é o primeiro trabalho a analisar as conseqüências da estabilização no retorno de curto prazo dos SEOs, bem como a constatar que o retorno de mercado influencia intensidade da estabilização; 3) pela primeira vez mostra que as dimensões do processo de estabilização são antecipadas pelos underwriters e no contexto de um mercado competitivo, são incorporadas ao custo da emissão de IPOs e SEO; 4) constata que o processo de estabilização possui efeito sobre retorno de longo prazo dos SEOs. Todos esses resultados lançam dúvida quanto aos estudos sobre retorno e remuneração em ofertas públicas que excluem essas informações de seus modelos.

Submitted by Rafael da Cunha Carneiro (rafaelcunhacarneiro@gmail.com) on 2018-01-08T13:37:28Z No. of bitstreams: 1 Rafael Carneiro - Versão Corrgida Final.doc: 1291264 bytes, checksum: 9b35d01c3f5fdd592fd02ed717e9329e (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Boa noite Rafael, Para que possamos aprovar o seu trabalho, é necessário que faça as seguintes alterações: - Na capa, Getulio NÃO tem acento, retire "mestrado profissional em economia", somente nome completo da escola, seu nome e título (COMPLETO em maiúsculo e negrito); - Contracapa: título completo em negrito e letra maiúscula, manter somente local e ano (como está na capa); - A seguinte página (3) deve conter a Ficha catalográfica; - A página 4, retirar nome da escola, e o título deve estar como descrito acima também; - Retirar páginas em branco. Para qualquer dúvida, ligue ou mande e-mail. mestradoprofissional@fgv.br - 3799-7764 Att, Thais Oliveira. on 2018-01-08T22:36:54Z (GMT) / Submitted by Rafael da Cunha Carneiro (rafaelcunhacarneiro@gmail.com) on 2018-01-09T16:51:31Z No. of bitstreams: 1 Rafael Carneiro - Versão Corrgida Final v2.doc: 1294848 bytes, checksum: afcb854c24be5f9b1a39cf4b2cd47203 (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezado Rafael, boa tarde! A contracapa deve conter seu nome completo na parte superior da página (acima do título, como está na capa, mas sem o nome da escola), e abaixo do título, na parte inferior direita o texto "Dissertação apresentada à Escola de Economia de São Paulo da Fundação Getúlio Vargas para formação stricto sensu do Mestrado Profissional em Economia" logo abaixo o campo de conhecimento e Orientador. Assim que feitas as alterações aprovaremos seu trabalho. Att. on 2018-01-10T15:44:39Z (GMT) / Submitted by Rafael da Cunha Carneiro (rafaelcunhacarneiro@gmail.com) on 2018-01-10T18:39:11Z No. of bitstreams: 1 Rafael Carneiro - Versão Corrgida Final v2.doc: 1294336 bytes, checksum: 1a9c381d646c122e470d47d8fd4630e7 (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-01-10T22:19:44Z (GMT) No. of bitstreams: 1 Rafael Carneiro - Versão Corrgida Final v2.doc: 1294336 bytes, checksum: 1a9c381d646c122e470d47d8fd4630e7 (MD5) / Made available in DSpace on 2018-01-11T12:01:34Z (GMT). No. of bitstreams: 1 Rafael Carneiro - Versão Corrgida Final v2.doc: 1294336 bytes, checksum: 1a9c381d646c122e470d47d8fd4630e7 (MD5) Previous issue date: 2017-12-18 / O trabalho estuda os determinantes da performance a longo prazo de ativos após seus lançamentos de ação na B3 entre 2004 a 2014 utilizando a metodologia do BHAR, Buy-and-Hold Abnormal Returns, ajustado pelo IBOVESPA no período. Utilizando regressões multivariadas estudou-se quais variáveis e índices de resultados podem ser determinantes para o BHAR acima ou abaixo do mercado. Desta maneira diferencia os ativos por aqueles em que realizaram o IPO, oferta inicial de ações, e os FOLLOW-ON, oferta subsequente de ações, de modo a entender quais os impactos positivos ou negativos de um lançamento subsequentes na performance a longo prazo do ativo. Com estes resultados foi avaliado os impactos dos indicadores de resultados para os dois tipos de lançamentos. Contrariando boa parte da literatura a respeito de performance de IPOs a longo prazo, neste período foi possível observar que o resultado dos ativos que lançaram suas ações via IPO ou SEO, tiveram um rendimento acima do IBOVESPA. É possível observar, ainda, que os ativos que realizaram a oferta subsequente, em geral, possuem uma performance melhor que os demais. Isto poderia indicar uma redução do conflito de agencia e assimetria de informação. Além disto indicou-se que há uma relação forte entre o crescimento do EBITDA e do indicador Preço/Lucro e a performance do ativo ao longo do período. / This paper studies the determinants of long-run performance of IPOs and SEO after its B3 share launches between 2004 and 2014 using the Buy-and-Hold Abnormal Returns methodology adjusted by IBOVESPA index. Using multivariate regressions it was studied which variables and financial indices may be determinant for the BHAR performance above or below of the market. In this way, it differentiates the stocks by those in which they performed the IPO, the initial public offering, and the SEO, Seasoned equity offering, in order to understand the positive or negative impacts of an initial or subsequent offering on the long-run performance of the stock. With these results, the paper evaluate the impacts of the financial indices for the two types of offering. Despite of the literature regarding long-run IPO performance, in this period it was possible to observe that the result of the stock offering via IPO or SEO, had a performance above the IBOVESPA. It is also possible to observe that the stock that made the seasoned equity offering, in general terms, perform better than IPOs. This could indicate a reduction of agency conflict and information asymmetry. Besides this, was evidenced that there is a strong relationship between the EBITDA growth and the Price / Profit index and the performance of the stock over the period.

Title: Creation of marketing communication within the business plan of the new created e-shop Objective: The main goal of the final diploma thesis will be the creation of marketing communication for the new created online store. Methods: The theoretical and practical knowledge of internet marketing acquired during the study of the issue and in the long-term employment relationship in the area of social media was used to write the final diploma thesis. It were used qualitative research methods, such as focus group and in-depth interview. Also these methods of qualitative research together with informal interviews helped to analyse the appropriate tools of marketing communication. Results: The result of the final diploma thesis is the creation of a marketing communication campaign for the new internet shop. The campaign focuses on advertisement on social network and paid PPC advertisement. Realizing adverts on social network is planned for Facebook and Instagram platforms, which are currently a very powerful tool for marketing communications. PPC ad placement is designed for Google's web search engine, which also has a high potential for marketing communications. Other elements of the proposed marketing communications are questionnaire, e-mailing, search engine optimization and competition. The...

The readers of this thesis meet the topic of internet advertising. The thesis describes different forms of internet advertising and its special features. Its aim is to analyse individual forms of internet advertising and propose an optimal campaign for the chosen subject. The first part covers theoretical knowledge in this area. The next part contains the analysis of competitors' use of Internet advertising. After that follows the analysis of current trends and offer of advertising agencies focusing on internet advertising. Based on the data gained in these parts, the last part of the thesis contains specific proposals and recommendations for internet advertising of the chosen company. These advertising campaigns should bring the company increase in sales and they should also increase public awareness of the company brand.

Diploma thesis focuses on the selection and application of appropriate internet marketing tools. It specifies possible fields of B2C promotion on the internet. It analyses chosen company and its existing operations in the field of internet marketing due to recommended procedures and procedures of its competitors. Diploma thesis uses theoretical knowledge and analysis for application of proposed internet marketing strategy and finally compares performances of applied areas of the internet marketing.

Principal aim of this thesis is the design of new website development process model and the design and implementation of its automated support by information technologies instruments. Process design itself will be build on identified best practices of available methodics for web applications development and this process will also respect and apply SEO (Search Engine Optimization) principles Biggest contribution of this thesis is designed web application development process model which is based on web application development methodics best practices and also contains additional activities which have to be done but they aren't part of these methodics. Mapping of the optimization process and designed process activities and implementation of automated support for these activities via desktop application are next important contributions of this thesis. This thesis is divided into five main chapters (except introduction and conclusion). First chapter is focused on definition of application development basic concepts and mainly on analysis of web application development methodics. Second chapter takes up analysis outputs and it forms the basis of this thesis. Design and description of web development process model generate the content of this chapter. Third chapter deals with SEO problems, in the concrete, it deals with definition of SEO, presentation of optimization process and especially with presentation of optimization recommendations. Fourth and fifth chapters are focused on automated support for web development process model with emphasis on SEO. Within the scope of fourth chapter, process model activities which can be supported by application are identified and user requirements are defined for these activities. Last fifth chapter is focused on presentation of implemented application for web development with emphasis on SEO support.

The goal of this thesis is to analyze methods and techniques applying to Search Engine Optimization (SEO). The thesis combines theoretical knowledge extracted from scientific sources and from author's experiences. Search Engine Optimization methods are divided into two major chapters according to sphere of their activity. On Page Factors -- factors occuring on web pages and Off Page Factors -- factors affecting web pages but occuring out of web pages. There is a case study at the end of this thesis. Acquired knowledge are used there. The case study is based on real-world project and includes detailed results and economical indicators.

This Diploma thesis is focused on the Internet marketing tools, which are suitable for the Company aimed at selling consumable goods. These Internet marketing tools are applied within Zoot Company. Diploma thesis is divided in two logical parts, theoretical and practical. Individual tools are introduced and intimately analysed in theoretical part. For all mentioned tools, there is a definition of their advantages, description of the process, how to manage those tools, the process models and the description of the tools for their evaluation. The practical part is based on the theoretical part. This part contains the analysis of the Zoot Company and its competitors and the analysis of Zoot's usage of the Internet marketing tools defined in theoretical part. The end of the practical part contains recommendations, how to improve the Internet marketing tools management. Main benefit of the theoretical part is the framework of Internet marketing tools, which are suitable for the Company aimed at selling consumable goods and their process adaptation. The benefit of the practical part is the intimate analysis of Zoot Company and its usage of the Internet marketing tools from theoretical part together with recommendations how to improve the Internet marketing tools management.

The main target of this work is to monitor the current status and advancement of Internet marketing at pre-arranged trading company. From analysis to draw conclusions, submit them to the guidance, recommend next steps, let it them approve and begin implementing the newly proposed solutions. The author discusses how detailed survey of the current marketing market and customer analysis of the company due to the best possible choice of appropriate marketing techniques. The aim is to streamline the work, save costs, increase conversion rates, and increase the competitive advantage of the customer company. Practical steps are based on theoretical knowledge acquired before and during the creation of this work. The result already is deployed Internet marketing strategies. All the practical work is carried out in the customer enterprise on real data with real Budge on a real goods. The practical part includes evaluation of new marketing techniques, comparison with the prior and subsequent recommendations for the future.