El objetivo principal de la presente tesis es aplicar técnicas de valorización con información que permitan determinar el valor de la empresa financiera S.A. la cual se fusionó absorbiendo a la entidad financiera Caja provincia en el año 2015 y sus implicancias para el mejoramiento y crecimiento competitivo entre empresas del mismo rubro además del crecimiento patrimonial .El método que fue aplicado en el presente trabajo es de matematización y diseño de Investigación - Acción, además de mostrar este diseño se utilizaron instrumentos que son las técnicas de valorización, entrevista al gerente de finanzas de la Financiera S.A., cuestionario a trabajadores de cada área de la Financiera S.A. con las cuales se obtuvo importantes informaciones necesarias para el desarrollo del trabajo de investigación, la fusión por absorción de la Financiera S.A. y caja Provincia significó que Caja Provincia entregó sus activos y pasivos para repotenciar a la empresa Financiera S.A. ocasionando inmediatamente un aumento patrimonial y un mayor capital de trabajo que le ha permitido ir creciendo de manera progresiva, en el trabajo de campo efectuado se observa que la fusión que se realizó de la Financiera S.A. absorbiendo a Caja provincia, según se muestra en los resultados de las técnicas aplicadas efectivamente está dando resultados positivos en el transcurso del tiempo por cuanto el valor de la empresa está creciendo y continuará creciendo significativamente. El resultado de la investigación demuestra que se ha cumplido con la hipótesis: Las técnicas de valorización permiten medir el crecimiento empresarial en un proceso de fusión de las empresas Financiera S.A. y Caja Provincia buscando el crecimiento a través de la obtención de activos estratégicos y mejorando su plan de trabajo para el periodo 2016-2018. Por último la Financiera S.A. al fusionarse, podrá competir en el mercado financiero con entidades de alto nivel, lo que la hará más atractiva al público que se encuentre buscando nuevas opciones donde colocar o invertir su dinero. The main objective of this thesis is to apply valuation technics with information that will allow us determine the value of Financiera S.A. which merged by absorption with the financial entity known as Caja Provincia in the year 2015 and its implications for the betterment and competitive growth between companies of the same category as well as their patrimonial growth. The method applied in the present paper is the mathematizing technique and the design of research – action. In addition to this design, valuation technics and interviews to the financial manager of Financiera S.A. as well as to the workers of every area of the financial department were used. This provided us with important information to the development of this research. The merger by absorption of Financiera S.A. and Caja Provincia meant that Caja Provincia gave its assets and liabilities to the company Financiera S.A. in order to potentiate it and consequently this action translated in an increase in the patrimony and the working capital which has allowed its progressive growth. In the field work done we can observe that the merger made by Financiera S.A. absorbing Caja Provincia, according to the results of the applied technics has, effectively, been giving positive results in the period of time lapsed and we can see that reflected in the company’s sustained growth. The result of the research shows that the hypothesis has been proved: the valuation techniques allow us measure the company’s growth during a merger process such as the one that Financiera S.A. and Caja Provincia underwent, in their search to improve themselves by acquiring strategic assets and upgrading their working plan for the period 2016-2018. Finally, after this merger, Financiera S.A. will be able to compete in the financial market with other entities of high profile, which in case will make it a more attractive option to the public’s eye and people who might be looking for new options or places to invest their money or savings.

This study determines consumer demand for staple food crops biofortified with micronutrients in three sub-Saharan African countries. Specifically, the study investigates how the choice of a valuation technique for a nonmarket good or new product, and gender, influence acceptance of biofortified food crops. Biofortification, a new public health intervention for alleviating micronutrient deficiency problems in developing countries, is achieved by enhancing the micronutrient content of staple food crops using conventional plant breeding or biotechnology. The rural poor in developing countries are likely to benefit most from biofortification, for two main reasons. Firstly, their diets are primarily comprised of staple foods that are usually poor sources of micronutrients. Secondly, they have limited access to fortified food products, mineral and vitamin supplements. The novel property of biofortification, however, has been associated with changes in the intrinsic properties of staple food crops that may not be familiar to consumers. Thus, knowing consumers’ attitudes and potential reactions to such changes in their staple food crops has been important to researchers and marketers alike. The study employs hedonic evaluations and incentive-compatible economic experimental data from HarvestPlus that aimed at determining consumer acceptance of micronutrient biofortified staple food crops in three sub-Saharan countries, i.e., Nigeria, Rwanda, and Zambia. The first objective compares the Becker–DeGroot–Marschak (BDM) mechanism to the non-hypothetical choice experiment (nHCE) in revealing the willingness to pay (WTP) for a new maize variety biofortified with vitamin A, under a field setting in Zambia. A mixed logit model was used to determine consumers’ WTP for the biofortified orange maize, relative to the two local maize varieties in the nHCE. While a symmetrically censored least square (SCLS) model was used to determine consumers’ WTP for the biofortified orange maize in the BDM experiment. The results show that the nHCE yielded significantly higher WTP estimates than that from the BDM mechanism. The second objective, related to the first, explored potential reasons for the WTP disparity between the BDM and the nHCE. The results indicate that accounting for additional training in the BDM experiment and lexicographic behaviour in the nHCE, together resulted in a decrease by half in the WTP estimates difference between the two methods. This difference, however, remains statistically significant. The third objective determined whether the gender of the decision-maker is important in determining consumer’s attitudes and behaviour towards biofortified food crops. Specifically, the study explores gender differences in hedonic preferences and consumer valuations of food products made from biofortified food crops. Emphasis was placed on the statistical analysis methods that incorporate gender while fully accounting for sources of both the observed and unobserved heterogeneity across gender. Results suggest that the gender of the decision-maker may be an important factor in both hedonic preferences and WTP for biofortified food crops, although the results varied across three countries. In Zambia and Rwanda, gender differences were observed in hedonic preferences for vitamin A-biofortified orange maize and biofortified iron beans respectively, while no evidence of gender differences was observed in hedonic preferences for vitamin A biofortified cassava in Nigeria. On the other hand, gender differences in WTP for biofortified foods were observed across the three countries in the respective biofortified food crops. While it is not yet clear how the BDM and the nHCE can result in significantly different empirical estimates under similar conditions, these results suggest the solution could lie in controlling for design effects from the two techniques. Similarly, controlling for gender differences not only in the outcome variable but also in its determinants may be necessary to attain valid estimates of consumer acceptance of biofortified foods. / Thesis (PhD)--University of Pretoria, 2019. / Agricultural Economics, Extension and Rural Development / PhD / Unrestricted

Submitted by Frederico Costa Carvalho (fredccarvalho@hotmail.com) on 2013-12-05T18:03:51Z No. of bitstreams: 1 dissertacao_MFEE_final.pdf: 2375602 bytes, checksum: cfdff1486b99aafe0c73421e21245b0b (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2013-12-13T14:27:10Z (GMT) No. of bitstreams: 1 dissertacao_MFEE_final.pdf: 2375602 bytes, checksum: cfdff1486b99aafe0c73421e21245b0b (MD5) / Made available in DSpace on 2013-12-16T15:59:06Z (GMT). No. of bitstreams: 1 dissertacao_MFEE_final.pdf: 2375602 bytes, checksum: cfdff1486b99aafe0c73421e21245b0b (MD5) Previous issue date: 2013-09-11 / This study investigated the value of a native forest in the Atlantic Forest biome. For this, we used the methodology of replacement cost. In addition, we sought to clarify the main determinants of this value, as well as their impacts. Were formulated four research hypotheses, namely i) the level of degradation of the área does not influence the total cost of replacement of native forest , ii) rugged topography does not influence the total cost of replacement of native forest; iii) the distance from the area to be restored to the nearest urban center does not influence the total cost of replacement of native forest , and iv) the distance from the area to be restored to the nursery that supplies seedling does not influence the total cost of replacement of native forest. To reach the results were performed simple tests for mean differences for qualitative variables. The results were that one can reject the hypothesis of rugged topography does not influence the total cost of replacement of native forest. However , it does not reject the hypothesis that the distance from the area to be restored to the nearest urban center does not influence the total cost of replacement of the native forest and the distance from the area to be restored to the nursery that supplies seedling does not influence the total cost of replacement of native forests. After this first approach a serie of regressions, using the classical ordinary least squares (OLS) is performed. Were made a sensitivity analysis of the results obtained. The survey data was obtained by conducting a survey (questionnaire) to a series of entities of reforestation industry. All four hypotheses were tested. According to the tests , it can be said that the hypothesis of the impact of rugged topography on the total cost of replacement of native forest showed nonsignificant in all models. However, the first hypothesis of the impact of the degradation level on the value of the project was rejected in all models. The third hypothesis of the impact of the distance from the area to the nearest urban center on the value of the project was rejected in two models and fourth hypothesis of the impact of the distance from the area to be restored to the nursery that supplies seedling on the total cost of replacement native forest was rejected in one model. The replacement cost of a native forest of the Atlantic Forest biome was R$ 22 thousand a hectare. This study also outlines the developments of environmental economics over time, emphasizing its main characteristics. The conclusions highlight the main points of this work, a number of theoretical and managerial implications of this study is discussed and suggestions are made for further research in this area. / O presente trabalho investigou o valor de uma floresta nativa no bioma Mata Atlântica. Para isso, utilizou-se da metodologia de custo de reposição. Além disso, buscou-se explicitar os principais fatores determinantes desse valor, bem como seus impactos. Foram formuladas quatro hipóteses de pesquisa, a saber, i) o nível de degradação da área não influencia o custo total de reposição da floresta nativa; ii) relevos mais acidentados das áreas a serem restauradas não influenciam o custo total de reposição da floresta nativa; iii) a distância da área a ser restaurada em relação ao centro urbano mais próximo não influencia o custo total de reposição da floresta nativa; e iv) a distância da área a ser restaurada em relação ao viveiro produtor de mudas não influencia o custo total de reposição da floresta nativa. Para chegar aos resultados foram realizados testes simples de diferença de médias para as variáveis qualitativas. Os resultados encontrados foram de que pode-se rejeitar a hipótese de que relevos mais acidentados das áreas a serem restauradas não influenciam o custo total de reposição da floresta nativa. No entanto, não se rejeitam as hipóteses de que a distância da área a ser restaurada em relação ao centro urbano mais próximo não influencia o custo total de reposição da floresta nativa e de que a distância da área a ser restaurada em relação ao viveiro produtor de mudas não influencia o custo total de reposição da floresta nativa. Após essa primeira aproximação, é realizada uma série de regressões, utilizando o modelo clássico de mínimos quadrados ordinários (MQO). Fez-se uma análise de sensibilidade dos resultados obtidos. O levantamento de dados foi obtido por meio da realização de uma pesquisa (questionário) a uma série de entidades do setor. Foram testadas as quatro hipóteses. De acordo com os testes realizados, pode-se dizer que a hipótese 2 sobre o impacto de um relevo mais acidentado das áreas a serem restauradas no custo total de reposição da floresta nativa se mostrou não significativa em todos os modelos. No entanto, a hipótese 1 do impacto do nível de degradação sobre o valor do projeto foi rejeitada em todos os modelos. A hipótese 3 do impacto da localização da área em relação ao centro urbano sobre o valor do projeto foi rejeitada em dois modelos e a hipótese 4 de que a distância da área a ser restaurada em relação ao viveiro produtor de mudas não influencia o custo total de reposição da floresta nativa foi rejeitada em um modelo. Chegou-se ao resultado de R$22 mil/hectare para o custo de reposição de uma floresta nativa do bioma Mata Atlântica. Esse tipo de estudo foi contextualizado no desenvolvimento feito pela economia ambiental ao longo do tempo, ressaltando suas principais características. Nas conclusões destaca-se os principais pontos do trabalho e são discutidas uma série de implicações teóricas e gerenciais do presente estudo, bem como apresentadas sugestões para novos estudos nessa área.