O desempenho superior do investimento em ações de valor é um fenômeno largamente documentado na literatura e tema de discussão desde o trabalho de Nicholson (1960). Autores como Fama e French (1992, 1998) afirmam que na verdade as ações value apresentam riscos maiores, e por isso seu desempenho é superior. No entanto, esse risco não é capturado pelos modelos tradicionais de precificação de ativos, como o CAPM. Esta dissertação testou uma estratégia de investimento em valor para o mercado brasileiro, usando critérios para a seleção de ações sugeridos por Benjamin Graham (2007), de modo que fossem eliminadas as empresas de desempenho inferior que apresentassem riscos não capturados pelos modelos tradicionais. Buscou-se verificar (i) a validade do modelo de Graham para selecionar ações no mercado brasileiro, (ii) dos filtros de Graham quais possuem maior relevância, (iii) qual a composição ideal de uma carteira de investimentos orientada pelo value investing para o mercado brasileiro no período de 2005 a 2014. Em comparação com o Ibovespa verificou-se que as carteiras obtidas foram capazes de oferecer retornos equivalentes certos superiores ao do índice no período, além de betas inferiores. Concluiu-se que é possível se obter um portfólio com retornos acima do índice de mercado sem incorrer em riscos maiores utilizando-se os filtros de Graham. Os resultados atestaram a validade da estratégia de value investing no mercado nacional. / The outperformance of value stocks is a widely documented phenomenon in literature and matter of discussion since Nicholson (1960). Authors such as Fama and French (1992, 1998) claim that in fact value shares present higher risk, thus justifying its superior performance. However, this risk is not captured by the traditional models of asset pricing (like CAPM). This work tested a value investing strategy in the Brazilian market selecting stocks through the criteria suggested by Benjamin Graham (2007) so that lower quality companies, that potentially would present risks not captured by traditional risk models, are eliminated. It was attempted to verify (i) the validity of the Graham model for stock selection in the Brazilian market, (ii) which filters present greater relevance, (iii) what is the ideal composition of a value investing portfolio in the Brazilian market for the period of 2005 - 2014. As the portfolios were able to offer higher certainty equivalent returns than Ibovespa in the period, as well as lower betas, it was concluded that it is possible to obtain a portfolio that offers above market average returns without incurring in greater risks using Graham criteria. The results confirmed the validity of the value investing strategy in the domestic market.

Title: Internal control in unlisted medium-sized manufacturing companies, A qualitative interview study on how medium-sized unlisted manufacturing companies work with internal control.                         Authors: Marc Neemeh Attaalla, Sajjad Ameen and Mojeb Abdul Majed Supervisor/ Tutor: Pia Nylinder, Martin HolgerssonDate: May 2021 Background and Problem discussion: Interna control in companies have become more relevant than ever in the recent decade. In US and Sweden, it is statutory to have an effective internal control in listed companies. The COSO- framework and an effective internal control is also well known among large companies. This created a curiosity to study how the internal control works in medium- sized companies that are not listed.    Purpose:The purpose of the study is to create a deeper understanding of how the unlisted medium-sized manufacturing companies work with internal control. Method:A qualitative interview study is the method that is used to fulfil the purpose of the research. The interviews were held with individuals in leading positions in seven different medium sized companies that were unlisted in the stock market. The interviews were conducted in themes based on COSO-frameworks five components.  Conclusion:All unlisted medium sized companies are working with the internal control. Companies are in large parts using COSO- frameworks five components unknowingly. We have also been able to identify similarities in difficulties regarding the interna control in the medium sized companies that have been studied.

The diploma thesis focuses on a fundamental analysis of shares of European multinational food companies. The theoretical part describes methods of fundamental analysis. The analytical part includes testing of stock valuation models, selection of companies, their analysis and comparison. The last part includes proposal of portfolio of the hedge fund.

Recent empirical literature has provided greater insight into the strategies and the extent of multinational companies’ tax avoidance. Simultaneously, in the last decades, the corporate tax rate has gradually decreased in most developed countries, often in the interest of attracting foreign investment. In 2013, Sweden decreased its corporate tax from 26.3% to 22%. This paper is an empirical study of the effect of the corporate tax change on Swedish multinational companies’ tax avoidance. By using a difference-in-differences model, and a sample of firm-level financial data from 19 821 domestic and multinational Swedish companies covering the period 2011 – 2015, a regression analysis is performed to estimate the effect of the policy change. Irrespective of empirical specification, I find no statistically significant effect of the tax change on tax avoidance.

This thesis describes situation in management companies on Ukraine. In theoretic part work you can find information about types organizational structure companies, her division, benefits and disavantages. This information I extract from special books and article about this subject. In practical part I more often analyze Ukrainian company Torhpress that the deal with distribution form and postal goods in Zakarpatian regions, where after analysis I try to suggest optimum solving improvement organizational structure those companies for more effective course companies.

La franquicia se presenta como un modelo de negocio mediante el cual una persona que cuenta con una marca otorga el derecho a un tercero para que pueda utilizarla haciendo uso de un mismo sistema comercial. La internacionalización de una franquicia involucra una serie de estudios de elementos a priori. Por un lado, elementos específicos para la inserción de la marca como: mercado objetivo, potencia de la demanda, respaldo financiero, nivel de inversión, tecnología, entre otros. Por otro lado, factores legales, políticos y económicos que enfrenta el país y que afectan directa e indirectamente el análisis. Estos factores serán considerados según el mercado destino que se seleccione. Este estudio analiza la relación de los factores comprendidos en los determinantes de la industria, de la empresa y de localización en la selección del modo de entrada tipos I, II y III, según la teoría del conocimiento. La investigación ha sido realizada a una muestra de 36 franquicias con marcas extranjeras que cuentan con presencia en el mercado peruano y que pertenecen a los sectores de gastronomía, servicios especializados, entretenimiento, belleza, moda y accesorios, tiendas retail y educación, para la elaboración del cuestionario se consideró la teoría basada en el conocimiento. Siguiendo la metodología de una tesis se realizó la aplicación del análisis factorial para el procesamiento de información y evaluación de resultados. En primer lugar, se realiza una investigación cualitativa que consistió en entrevistas a expertos en el tema: funcionarios de MINCETUR y Cámara Peruana de Franquicias. En segundo lugar, investigación cuantitativa mediante la aplicación del instrumento de la encuesta a la muestra de franquicias extranjeras. / Franchise system is a business model that it can be adopted by an organization by which a person who has a well-known trademark gives the right to a third party so that they can use it. The internationalization of a franchise involves a process that should be consider in order to create value for the firm. During the process there are several factors that are evaluated. This study analyzes the relationship of the factors included in the determinants of the industry, of the company and of location in the selection of the input mode types I, II and III, according to the theory of knowledge. The research has been conducted to a sample of 36 franchises with international trademarks that have a presence in the peruvian market and that belong to the sectors of gastronomy, specialized services, entertainment, beauty, fashion and accessories, retail stores and education. For the elaboration of the questionnaire was considered the theory of the Eclectic Paradigm of Dunning. Following the methodology of a thesis, the application of factorial analysis for the processing of information and evaluation of results. First of all, a qualitative research was carried out that consisted of interviews with experts on the subject: officials of MINCETUR and Cámara Peruana de Franquicias. Second, quantitative research through the application of the survey instrument to the sample of foreign franchises. / Tesis

Orientador: Eduardo Romero de Oliveira / Banca: Paulo Cesar Gonçalves / Banca: Domingo Cuéllar Villar / Banca: Surama Conde Sá Pinto / Banca: Ana Lucia Duarte Lanna / Resumo: Em 1904, chegou ao Brasil um grupo de empresários a fim de investirem e explorarem o transporte ferroviário. Tiveram como principal representante Percival Farquhar, que desempenhou atividades que foram desde os serviços públicos, como distribuição de energia, até o transporte. Em 1906, o grupo cria a Brazil Railway Company, um holding, e assume a grande maioria das concessões das ferrovias brasileiras. Suas atividades estavam concentradas principalmente no Sul e Sudeste do país. A administração de Farquhar chegou até os anos de 1920, quando mudam a gestão devido a uma crise econômica. A Brazil Railway Company tem características peculiares: desenvolveu, além do transporte ferroviário, a colonização e atividades extrativistas, como a exploração da madeira no Sul e carne bovina congelada. Nossa pesquisa tem por intuito estudar as atividades ferroviárias desse holding no Sul e Sudeste do país, entre os anos 1904 até 1920. Utilizamos como fonte os documentos oficiais da própria empresa, periódicos e Relatórios Ministeriais, além de documentações pessoais, como cartas e Ofícios de Farquhar e outros membros do grupo / Abstract: In 1904, a group of businessmen arrived in Brazil to invest and explore rail transport. Their main representative was Percival Farquhar, who performed activities ranging from utilities such as power distribution to transportation. In 1906, the group creates Brazil Railway Company, a holding company, and takes over the vast majority of Brazilian railroad concessions. Its activities were concentrated mainly in the South and Southeast of the country. Farquhar's administration arrived until the 1920s, when management changed due to an economic crisis. The Brazil Railway Company has peculiar characteristics: it has developed, in addition to rail transportation, colonization and extractive activities, such as the exploitation of timber in the South and frozen beef. Our research aims to study the railway activities of this holding in the South and Southeast of the country, from 1904 to 1920. We use as source the official documents of the company itself, periodicals and Ministerial Reports, as well as personal documentation, such as letters and Crafts of Farquhar and other members of the group / Doutor

No abstract available / Dissertation (LLM)--University of Pretoria, 2012. / Mercantile Law / unrestricted

No abstract available / Dissertation (MCom)--University of Pretoria, 2012. / Financial Management / unrestricted

Cette thèse avait pour objectif de contribuer à l’étude des déterminants de la performance de l’entreprise mesurée du point de vue client. Nous nous sommes intéressés à la création de valeur en général et à la création de valeur pour le client en particulier comme facteur explicatif de la performance de l’entreprise mesurée par la satisfaction et la fidélité du client. Au niveau de notre travail, nous avons pris le domaine du tourisme tunisien comme terrain de recherche et notre objectif à été d’étudier l’impact de la création de valeur pour le client sur la performance des hôtels tunisiens. Nous avons cherché à savoir si les services proposés par une entreprise hôtelière génèrent de la valeur pour ses clients et donc pour celle-ci.Au niveau empirique, l’intérêt de ce travail à été de rejoindre les préoccupations économiques du pays où plusieurs études tunisiennes (ONTT, ministère du tourisme) préconisent de créer plus de valeur pour les clients afin de relancer le secteur et améliorer la performance des entreprises hôtelière touristiques ; ainsi que les préoccupations des managers qui s’intéressent aux conditions appropriées pour atteindre la performance grâce à la création de valeur. / This thesis aimed to contribute to the study of the determinants of business performance measured from the customer perspective. We are interested in value creation in general and to creating value for the customer in particular as an explanatory factor in the business performance measured by customer satisfaction and customer loyalty. In this research, we took the tunisian tourism as a research field and our objective was to study the impact of the value creation for the customer on the performance of the tunisian hotels. We investigated whether the services provided by hotel companies generate value for its customers and thus for the hotels. Empirically, the interest of this work was to join the economical concerns of the country where several Tunisian Studies (ONTT, Ministry of Tourism) call to create more value for customers in order to boost the sector and improve business performance of the hotels; and the concerns of managers who are interested in meeting the appropriate conditions to achieve performance through value creation.