Global supply and demand for platinum benefited from favourable local and global economic environments over the past decade, and presented unique growth opportunities for platinum mining companies. Companies operating in a growing industry, such as platinum during the past decade, are expected to deliver superior returns, and to create economic value for shareholders. With markets becoming more globalized, deregulated, and liquid, investors move their capital to where they believe it will be most productively employed, and companies therefore need to demonstrate their ability to meet increasing shareholder demands for growth and economic value added. Economic Value Added (EVA®), as a measure of company performance, has been widely adopted by companies and securities analysts globally but its use in South African platinum mining companies has been limited to date. In order to address this gap through this research, EVA® was calculated for the three primary South African platinum mining companies, Anglo Platinum, Implats, and Lonmin. EVA® for the respective companies was then compared to company growth rates, share price performance, and alternative, conventional performance metrics. Through analysis it was found that, although the respective platinum mining companies experienced similar production and turnover growth rates during the review period, 2000 to 2006, Anglo Platinum was able to generate higher EVA® than Implats and Lonmin respectively. Share price has been found to correlate well with EVA® for both Anglo Platinum and Implats respectively, but this relationship was not statistically significant for Lonmin, and EPS was the only metric among the alternative performance metrics, EPS, P/E, ROA, and EBITDA, found to have a correlation with EVA® for Anglo Platinum and Implats respectively. The correlation between the other metrics and EVA® was found not to be statistically significant. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

En el presente trabajo de investigación, se verán los aspectos que sean necesarios para la iniciación de nuestro proyecto para la elaboración y venta de nuestra bebida Mikhuna Shake. Nuestro segmento va dirigido a todas aquellas personas que mayores de 18 años, en búsqueda de un desayuno fácil, rápido de tomar y nutritivo. Nuestra propuesta de valor se basa en que es una bebida proteica, baja en grasas y azúcares, y está listo para tomar. Para el primer año, nuestro canal de ventas será por medio de las ventas directas a través de nuestras redes sociales. Por otra parte, hemos utilizado 5 experimentos a través de Facebook e Instagram, con la finalidad de obtener nuevos aprendizajes. Asimismo, se realizaron promociones y descuentos con la finalidad de atraer a más clientes. La estrategia que se realizará para nuestro producto será la de penetración, dado que estamos lanzando un precio de introducción para ambas presentaciones a un precio de S/3.90 para el 300 ML y S/7.90 para el de 900 ML. Nuestros ingresos son generados por nuestras ventas en ambos tamaños y se llevan a cabo mediante nuestras redes sociales. Además, se mantendrá una relación cercana con nuestros clientes para de darle un valor agregado al producto. La inversión que se realizará al comenzar nuestro proyecto será por un monto de S/29872. Esto nos permitirá iniciar nuestras operaciones y solventar los gastos necesarios. Finalmente, nuestro VAN resultante es positivo, el cual hace rentable nuestro negocio, a pesar de tener múltiples gastos preoperativos.

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The thesis is aiming to analyze the method of value creation in mergers and acquisitions. The introductory chapter includes a general classification and framework for terms like value; synergies; and basic valuation models. The following chapter introduces valuation models which are more oriented towards shareholder value, generally speaking, frameworks introduced by Value Based Management: Economic Value Added, Economic Profit or Cash Value Added. Economic Value Added is described through three adjusted EVA models in the next chapter: (1) The impact of MVA on the negotiation position of parties in M&A, (2) EVA Style of Investing model, which is applied as a screening tool for value creators, (3) EVA Momentum model. In the closing chapter all three models are applied and conclusions and recommendations are drawn. The three models enable us for example to identify industries worth investing in or to understand how specific companies create value and how to set up an optimal price negotiation strategy.

The purpose of this paper is to investigate why CREM should be carried out within the office based companies in Shanghai. Besides, the current CREM practices and performances in the office based companies in Shanghai are examined as well. Design/methodology/approach - The CREM added value creating model for office based corporations in Shanghai is constructed based on literature review. Then, according to the model, the proposition as to why CREM should be carried out within the office based companies in Shanghai is developed. Later, two case studies, which are composed of online questionnaire, structured interviews, and secondary documentary review, are investigated to test the proposition. Findings - Although the result from the two-case study does not provide direct evidence to support the proposition that alternative added values listed in the model is the driving force of CREM implementation for Shanghai office users, CREM, or Corporate Office Estate Management, does help them to promote marketing and corporate branding, staff retention, as well as efficiency and cost control. Research limitations/implications – The research is based on two case studies, the logic of which is replication. Thus, it is not possible to draw any strong generalization. Future studies are needed to validate or contradict the findings in the research. Practical implications – The research process and result provides inspirations for the office occupiers in Shanghai, China, on how Corporate Real Estate Management (CREM) can contribute to the core business, and what specific added values CREM can create. Besides, the CREM added value creating model for office based corporations in Shanghai provides framework for CREM managers on how CREM can be strategically carried out. Originality/value – Since CREM is a brand new discipline in China, the research is the first one digging into Corporate Office Estate Management practices in Shanghai, with the incorporation of the CREM added value creating model. Keywords – CREM, office property, added value, Shanghai Paper type – Master degree thesis

Purpose: The purpose of this paper is to study how Swedish portfolio companies perform after being exited by the PE-company. Through the perspective of the portfolio company, we follow how well they maintain the created value and if there is a difference in performance depending of different exit strategies. Theory: The study is based on theories regarding corporate governance, the principal-agent theory and the tax-shield theory. Method: To perform this study we have used a quantitative and deductive research approach. We compare the portfolio companies pair-wise with themselves during another time period. We then test if there is a difference in performance comparing key figures. Results: Data has been collected from 480 annual reports covering a total of 60 portfolio companies. The results consist of three different key figures from every year for each portfolio company. Analysis: The tests show a few statistically significant changes in performance when making comparisons regarding the different points in time. Generally, portfolio companies exited 2003-2005 performs better than those exited 2006-2011. The portfolio companies exited during 2006-2008 showed significant decrease in two out of the three key figures after being exited. Conclusion: The results show that portfolio companies perform differently depending on when they are exited, which is natural considering constant macro-economic changes. There was no significant difference in performance when using exit method as the dependent variable. / Syfte: Syftet med studien är att undersöka hur svenska portföljbolag utvecklas efter avyttring, samt att ur portföljbolagets perspektiv följa upp hur väl dessa bibehåller det värde som skapats och om det finns skillnad i prestationer portföljbolagen emellan i förhållande till exitmetod. Teori: Corporate governance, principal-agentteorin, teorin om skattesköld. Metod: Studien genomförs med en kvantitativ metod och en deduktiv ansats. Portföljbolagen jämförs parvis med sig själva vid olika tidsperioder och testas med hypoteser för att undersöka om de skiljer sig i de nyckeltal som mäts. Empiri: Empirin består av 480 årsredovisningar från 60 portföljbolag. Ur dessa har tre olika nyckeltal tagits fram för analys. Alla siffror som använts i studien går att finna bland bilagorna. Analys: Testen ger att antal signifikanta resultat på förändring tidpunkterna emellan. Generellt presterar portföljbolag avyttrade mellan 2003-2005 bättre än de som avyttrats 2006-2011. Perioden 2006-2008 visade negativ signifikant utveckling på två av de tre nyckeltalen som uppmätts. Slutsats: Empirin visar att portföljbolag utvecklas olika beroende på när de avyttrats, vilket är en given effekt av att det makroekonomiska klimatet ständigt förändras. Det gick inte att utläsa någon prestationsskillnad portföljbolagen emellan när exitmetod sattes som beroende variabel.

<p>Problem area and purpose</p><p>Nowadays, 2006, the downloading of music and movies is an increasingly more burning issue. But while the music industry has made great progress in using the Internet as a distribution channel the film industry has been at a standstill for several years. Recently however there has been progress in the form of a few film companies beginning to offer their customers legal ways to acquire films over the Internet. But with this progress one central question arises, which this report will try to answer; what are the important factors for selling films as the Internet moves from primarily being a information channel to also functioning as a distribution channel? The purpose is to examine what the consumers find important when purchasing film, and to establish to what degree there is a substitution effect between DVDs and downloadable films.</p><p>Method</p><p>The report is first and foremost based on an Internet survey with a total of 383 participants. The respondents are divided into two separate selections, the first consisting of people already with a genuine interest in film (both watching and purchasing) and the second selection consisting of people with a more average interest. To get a wider perspective, but also to get an in-depth view of the business, we interviewed a Swedish journalist with strong connections both with the film companies and with the consumers.</p><p>Theory</p><p>The survey is based on three theoretical concepts; added value, differentiation and substitution. Together these concepts form two variables, Inclination to purchase DVD and Inclination to pay for downloading. Depending on the respondents’ answers to the survey, different values are given the variables, which in turn shows how inclined the different groups are to substitute DVD with downloaded films.</p><p>Result and conclusion</p><p>The report’s result shows that the first selection is not very inclined to replace DVDs with downloaded films, while the second selection shows slightly more interest. In conclusion, the most important factors for the consumers when, or rather if, downloading films are low price and an easy and functional system. When looking at the industry today this is not what the companies are offering the consumers, which puts the film industry’s role as Internet distributor in question.</p>

Bakgrund:Handeln på externa handelsområden ökar stadigt och har ett fortsatt högt tryck, då ny handelsyta om 2 miljoner kvadratmeter planeras byggas i Sverige. Trots det väljer vissa företagare att ha kvar sina verksamheter i stadskärnorna. Syfte: Syftet är att skapa en djupare förståelse för vad entreprenörerna i Växjö city gör för att attrahera kunder tillbaka till stadskärnan efter att gallerian Grand Samarkand öppnat på en extern handelsplats i Växjö. Metod:  En kvalitativ metod med ett induktivt angreppssätt har använts där empirisk data insamlats genom att låta intervjupersonerna berätta sin berättelse inom det valda ämnet. Slutsats: Entreprenörerna väljer att inte bara stå still och låta motgångarna passera, vilket skulle vara ett steg i negativ riktning. De har flera idéer och tankar på hur de ska attrahera kunder till city. Genom att vara serviceminded och erbjuda kunderna webbhandel, egendesignade smycken, workshops, unika produkter och aktiviteter tillsammans med andra företagare och partners försöker de attrahera kunder till city för shopping. Vidare forskning: Ta reda på kundens aspekt av att handeln flyttar till andra arenor och vad som skulle kunna få dem till att shoppa mer i stadskärnan. / Background: Trading on areas outside town centers is steadily increasing and this area have remained high pressure, new retail space of 2 million square meters are planned to be built in Sweden. But some entrepreneurs choose to keep their businesses in city centers. Purpose: The aim is to create a deeper understanding of what entrepreneurs in Växjö city do to attract customers back to the city center after Grand Samarkand opened on an external trading place in Växjö. Methodology: A qualitative method with an inductive approach has been used where the empirical data was collected by allowing respondents to tell their story in the chosen topic. Conclusion: Entrepreneurs choose to not stand still and let the setbacks pass, which would be a step in a negative direction. They have several ideas and thoughts on how to attract customers to the city center. By being service minded and offering customers e-commerce, selfdesigned jewelry, workshops, unique products and activities with other business owners and partners they try to attract customers to the city for shopping. Further research: The customer aspect of the trade moving to other arenas and what might get them to shop in the city centers.

[pt] Este trabalho tem o objetivo de identificar que elementos dos serviços prestados em um estabelecimento de ensino de inglês satisfazem os alunos, são percebidos como valor e são considerados relevantes para a sua retenção. Através de uma pesquisa de campo com os usuários do serviço, em forma de questionário e entrevistas, buscaram-se resultados que pudessem apresentar os atributos que geram satisfação e levam à retenção dos alunos. Inicialmente, são discutidos conceitos sobre qualidade, satisfação e retenção na área de serviços, embasados nas literaturas sobre marketing educacional, de serviços e de relacionamento, para fundamentar cientificamente a pesquisa de campo. Esta pesquisa permitiu concluir que, no setor de ensino, a satisfação do cliente com os atributos que agregam valor ao serviço, apesar de relevante para a sua retenção não é suficiente para evitar cancelamento. Torna-se necessário identificar os motivos de insatisfação para melhor ajustar as ofertas dos serviços à demanda do mercado, atendendo às necessidades do cliente. / [en] The purpose of this study is to identify the elements of the services in an English Teaching Institute, that satisfy students, are perceived as values and are considered as essential for the students retention. Field research, in form of questionnaire and interviews, with students and parents, have been carried out, in order to understand what elements of the educational services generate their satisfaction and retention. First, concepts about quality, satisfaction and retention have been discussed. The research was based on the literature about Marketing of Education, Services and Relationship. This research allowed the conclusion that satisfaction is relevant for the clients retention, but not enough to prevent them from cancelling. It is necessary to identify the reasons for dissatisfaction to adjust the offers to the clients necessity.

[pt] O estudo se insere no âmbito das investigações sobre escolas eficazes. Utiliza dados de survey longitudinal, obtidos pela pesquisa GERES: Estudo da Geração Escolar 2005. A subamostra corresponde a 3.454 alunos da primeira série do Ensino Fundamental (ou seu equivalente em ciclo), e seus respectivos professores, distribuídos em 176 turmas, de 68 escolas pertencentes às redes municipal, privada e federal do Rio de Janeiro. Transitando-se entre as vertentes qualitativa e quantitativa, procurou-se medir, descrever e interpretar o valor agregado pelos professores às suas turmas, em leitura, especialmente no que diz respeito ao uso do livro didático de Língua Portuguesa. Aprofunda-se o tema, articulando-se as concepções de alfabetização no Brasil nas últimas décadas com as características do Programa Nacional do Livro Didático (PNLD) e com as formas de apropriação por parte dos professores em relação a essa política. A literatura referente à eficácia escolar e o aprofundamento do tema específico fundamentam as análises dos dados e conseqüentes conclusões. Na vertente qualitativa, foi construída uma escala de proficiência que, interpretada, resulta na descrição de sete níveis de aprendizagem, o que confere sentido pedagógico à escala. São apresentados os resultados alcançados pelos estudantes em leitura, tendo- se em consideração as particularidades das dependências administrativas às quais estão vinculados. Mostra-se como ocorreu a mobilidade de alunos entre os níveis de aprendizagem em função da utilização ou não do livro didático. Na vertente quantitativa, são implementados modelos de regressão linear que investigam o efeito do uso do livro didático, do tempo de experiência do professor com o referido livro e da menção recebida pelo livro no PNLD. Os resultados evidenciam um aumento significativo do aprendizado médio apresentado pelos alunos participantes do estudo, o que contradiz hipótese recorrente no meio educacional, segundo a qual o fracasso identificado nas séries iniciais do Ensino Fundamental teria origem no processo de alfabetização. Destacam-se, entre os achados, maior valor agregado pelos alunos que utilizaram livro didático e benefícios ainda maiores para estudantes cujos professores tinham mais de dois anos de experiência com o uso do mesmo livro. Em termos de política pública, a dissertação sugere que a avaliação de livros didáticos - e, em sentido mais geral, de programas educacionais - considere também o efeito sobre o aprendizado. / [en] This research is included in the investigation about efficaciousness schools. It uses longitudinal survey data from the GERES Project: School Generation Research 2005. The part of the sub-sample studied corresponds to 3454 students from the first year of the primary education (or its equivalent) and its respective teachers of 176 classes, from 68 private, municipal or federal schools in Rio de Janeiro. Moving through quantitative and qualitative approaches, the added value in reading by the teachers to the classes is measured, described and interpreted, specially related to the use of Portuguese textbooks. Through in depth study of this theme, the conceptions about Brazil alphabetization that have appeared in previous decades and have considered the characteristics of the Textbooks National Program (PNLD) and the appropriation of these politics by the teachers are articulated. The literacy referred to the scholar efficaciousness and the research into this specific theme are the basis for the data analysis and its conclusions. In the qualitative approach a proficiency scale was built and, when it is interpreted, results in a description of seven learning levels, proving its inherent significance of the scale to teaching. The reading results reached by the students are presented, considering the administrative dependences that they are linked to. The students mobility is presented within the learning levels according to whether they used or didn´t use textbooks. In the quantitative approach, a linear regression model was implanted, which investigated the effect of the use of textbooks, how much experience the teacher had with that book and what PNLD says about the same book. The study verified that there was a significant increase in the learning average of the students that participated in the research. This contradicted a recurrent hipothesis in the educational area that suggested that the failure in the beginning levels of the primary education has origin in the alphabetization process. Among the results, stands out that there was more added value by the students that used the textbook and much more benefits to the students whose teachers had more than two years experience with the same book. In terms of public politics, this dissertation suggests that the textbook evaluation - and, in a more general form, the educational programs - considers the effect on the learning too.