Darbe analizuojama AB „Pieno žvaigždės“ įmonės vertė. Nagrinėjama problema – ar įmonės akcijų rinkos kaina atitinka tikrąją įmonės vertę. Darbe atlikta pagrindinių vertės nustatymo metodų palyginamoji analizė. AB „Pieno žvaigždės“ vertes nustatymui pasirinkti du metodai: diskontuotų pinigų srautų, tenkančių įmonei ir palyginamųjų rodiklių. Diskontuotų pinigų srautų metodu nustatyta akcijos kaina - 3,50 lito. Akcijos rinkos kaina – 2,10 lito (2009 m. gegužės mėn). Tai parodo, kad įmonės akcijos yra nepakankamai įvertinamos rinkoje. Palyginamieji rodikliai lyginti su panašiomis dydžiu pieno perdirbimo įmonėmis užsienyje. Palyginamųjų rodiklių metodu apskaičiuota apytikslė akcijos vertė – 3,51 lito. Palyginamųjų rodiklių analizė patvirtina, kad įmonės akcijos yra nepakankamai įvertinamos. Atsižvelgiant į tyrimo rezultatus, rekomenduojama pirkti AB „Pieno žvaigždės“ akcijas. / This paper studies the value of JSC company „Pieno žvaigždės“. The main question addressed is: does company’s market share price is equal to the true value of the share. This paper analyses main valuation methods. For valuation of JSC “Pieno žvaigždės” share discounted cash flow to the firm and relative valuation approaches are chosen. Price calculated by the method of discounted cash flow to the firm - 3,50 litas. Market value of the share – 2,10 litas (as of May 2009). The findings show that shares of the company are undervalued in the market. Relative valuation ratios are compared to dairy companies abroad which are similar by size. Price calculated by relative valuation method – 3,51 litas. Relative valuation method proves that shares of the company are undervalued in the market. According to the findings of the paper it is recommended to acquire shares of JSC “Pieno žvaigždės”.

The subject of this dissertation is the architectural history of big-box stores on Southern Vancouver Island since their arrival in 1992. It examines the architecture and cultural significance of stores located in the Regional District of Nanaimo, the Cowichan Valley Regional District, and the Capital Regional District. This study hypothesizes that big-box stores are, in terms of their architecture, retailing formats, and consumption practices, central locations and vehicles for the reproduction of capitalist social relations. In the postmodern or Late Capitalist era. these relations have emphasized consumption over production, and have exerted a deep influence on everyday life and political economy in urban Canada. This study interprets the architectural and social spaces of New Retail Formats (NRFs) through a Marxist perspective, and uses the inter-disciplinary methods of vernacular architecture studies and architectural-geography. I have evaluated the big-box store in terms of typology, distribution, and social operation. I have also placed them in the context of North American architectural history, especially in relation to shopping centres. I argue that big-box stores produce, consume, and reproduce distinctive forms of social space, which I have named "value space". Value space is the set of social and spatial relationships found within big-box stores that are shaped by both retailers and consumers, and which are focused on low-priced commodities. Value space is a contemporary and clear example of what Karl Marx and Henri Lefebvre each identified as key to capitalism's survival: the reproduction of the relations of production and consumption. In the same way that factory relationships also shape life beyond the factory, the value space of big-box stores is also produced, consumed, and reproduced in other social and professional practices, such as urban planning and municipal politics. The aims of my study were: to document the history of this new architectural type; to explain the place of big-box store development in municipal political economy; and, to examine the role of big-box stores in the reproduction of capitalist urban space on Southern Vancouver Island. In doing so, I argue that big-box stores are engines and symbols of urban development that foster increased consumption, support the socio-economic status quo, and refashion natural and social environments in accordance with the values of capitalism. I believe big-box stores are the architectural subject of greatest contemporary importance on Southern Vancouver Island. Few other buildings types today generate similar feelings - for and against - as do big-box stores. They are at once a building type, a retail format, and a symbol of contemporary urban development. Their importance comes from their size, from the scale of their operations, and from their impacts on municipal politics, urban planning, transportation infrastructure, regional ecosystems, and community life. The retailing and consumption practices they house, facilitate and manage contain the seeds of, or needs for, future consumption. This makes NRFs economic and symbolic centres for the reproduction of the relations of production and consumption.

Submitted by Maurício da Silva Medeiros Júnior (mauriciojr.df@gmail.com) on 2016-04-06T21:06:49Z No. of bitstreams: 1 Dissertação - Maurício Medeiros Jr. - FGV-EPGE.pdf: 2837403 bytes, checksum: dc338c6b56e600b8b9194b1c27abb080 (MD5) / Approved for entry into archive by BRUNA BARROS (bruna.barros@fgv.br) on 2016-04-19T18:34:15Z (GMT) No. of bitstreams: 1 Dissertação - Maurício Medeiros Jr. - FGV-EPGE.pdf: 2837403 bytes, checksum: dc338c6b56e600b8b9194b1c27abb080 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-04-27T18:16:31Z (GMT) No. of bitstreams: 1 Dissertação - Maurício Medeiros Jr. - FGV-EPGE.pdf: 2837403 bytes, checksum: dc338c6b56e600b8b9194b1c27abb080 (MD5) / Made available in DSpace on 2016-04-27T18:21:05Z (GMT). No. of bitstreams: 1 Dissertação - Maurício Medeiros Jr. - FGV-EPGE.pdf: 2837403 bytes, checksum: dc338c6b56e600b8b9194b1c27abb080 (MD5) Previous issue date: 2016-03-22 / We aim to provide a review of the stochastic discount factor bounds usually applied to diagnose asset pricing models. In particular, we mainly discuss the bounds used to analyze the disaster model of Barro (2006). Our attention is focused in this disaster model since the stochastic discount factor bounds that are applied to study the performance of disaster models usually consider the approach of Barro (2006). We first present the entropy bounds that provide a diagnosis of the analyzed disaster model which are the methods of Almeida and Garcia (2012, 2016); Ghosh et al. (2016). Then, we discuss how their results according to the disaster model are related to each other and also present the findings of other methodologies that are similar to these bounds but provide different evidence about the performance of the framework developed by Barro (2006).

O objetivo deste trabalho é estudar o aumento da efetividade das promoções monetárias sem a necessidade de aumento do desconto ofertado por elas. Para isso, foram analisadas como variáveis influenciadoras da eficácia das promoções a característica de auto-interpretação do indivíduo e sua percepção hedônica sobre o produto ofertado. Desta forma, realizou-se a replicação dos estudos de Barone e Roy (2010b) e Winterich, Mittal, Swaminathan (2014) que abordam dois tipos de promoção (inclusiva, focada em grupos, e exclusiva, focada no indivíduo), sua relação com a auto-interpretação de independência e interdependência do indivíduo e nível de relacionamento com a empresa. Em um primeiro experimento, os resultados foram ao encontro dos estudos analisados indicando que o tipo de promoção, a auto-interpretação e relacionamento anterior com a empresa interagem entre si e otimizam a resposta dos clientes às promoções. Estendendo-se os influenciadores desta relação, foi incluído o grau de percepção hedônica sobre o produto como variável e realizado um segundo experimento. Como resultado, produtos de maior percepção hedônica otimizaram ainda mais a performance de promoções inclusivas para indivíduos interdependentes. Já os experimentos 3 e 4 foram realizados para analisar o papel da percepção hedônica em conjunto com diferentes níveis de desconto ofertado, dada a influência comprovada no experimento 2 e embasamento teórico. A intenção dos dois últimos experimentos foi de identificar uma menor performance quando da oferta de descontos maiores para produtos de maior percepção hedônica. Entretanto, apenas foi encontrada uma interação entre as variáveis, sem ser possível identificar tendências de variações na performance das promoções. Assim, as comprovações obtidas neste trabalho mostraram que as promoções de vendas podem ser mais efetivas sem a necessidade de aumento da magnitude dos descontos ofertados, realizando-se a congruência entre perfil do indivíduo, percepção do produto e tipo de promoção com diferentes níveis de exclusividade. / The objective of this study is evaluate the increase of monetary promotions effectiveness without the need to increase the discount offered by them. It was analyzed as influencing variables of promotions´effectiveness the individual self-construal feature and hedonic perception of the product offered. Thus, the studies of Barone and Roy (2010b) and Winterich, Mittal and Swaminthan (2014), wich adressed two types of promotion (inclusive promotion, focused in groups, and exclusive promotion, focused in the individual) and their relation with the self-construal of Independence and interdependence of the individual were replicated. In a first experiment, the results were similar, indicating that the type of promotion and self-construal Interact and optimize customer response to promotions. Extending the influencers of this relationship, the degree of product´s hedonic perception was included as a variable and a second experiment was conducted. The products with greater hedonic perception optimized the performance of inclusive promotions for interdependent people. The third and fourth experiments were carried out to analyze the role of hedonic perception with different levels of discount offered, given the proven influence in the second experiment and the theoretical basis. The aim of the last two experiments was to identify a lower performance when a larger discount was offered to products with greater hedonic awareness. However, only an interaction between the variables was found, without been able to identify variable´s trends in the performance of the promotions. Thus, the evidence obtained in this work showed that sale promotions may be more effective performing the congruence between the individual´s profile, product awareness and promotion type with different levels of exclusivity, without the need to increase the magnitude of the discount offered.

The aim of the thesis is to evaluate the effectiveness of ABC's investment project using selected methods of economic evaluation of the investment effectiveness and another aim of the thesis is to select the optimal variant of financing the investment project with a view to minimizing costs. Given that it is a manufacturing company, the calculation of products X and Y based on the data provided by the company is used as the basis for determining the future income from the investment project. The calculation is based on the actual production capacity of the machine. The prediction of revenue and expenditure is based on a 4% year-on-year increase. Expenditure also includes costs related to the use of foreign capital, as the use of the INFA modelwhich is used in this work to calculate the discount raterequires a cash flow adjustment to the equity method. When establishing the cash flow, a direct method based on a revenue and expenditure plan was used. Due to the planned expenses for the production machine insurance and credit repayments, these items are also taken into account in the cash flow. The other aim is to select a method of financing the investment project with a view to minimizing costs. The company does not have sufficiently high equity capital that could be used to finance the investment project, which is why drawing of a business loan and the possibility of financing through finance leases are proposed as ways of securing financing. The proposed financing methods and their valuation, taking into account the minimization of costs, are based on the discounted business loan and finance lease expense method.

O objetivo deste trabalho é estudar o aumento da efetividade das promoções monetárias sem a necessidade de aumento do desconto ofertado por elas. Para isso, foram analisadas como variáveis influenciadoras da eficácia das promoções a característica de auto-interpretação do indivíduo e sua percepção hedônica sobre o produto ofertado. Desta forma, realizou-se a replicação dos estudos de Barone e Roy (2010b) e Winterich, Mittal, Swaminathan (2014) que abordam dois tipos de promoção (inclusiva, focada em grupos, e exclusiva, focada no indivíduo), sua relação com a auto-interpretação de independência e interdependência do indivíduo e nível de relacionamento com a empresa. Em um primeiro experimento, os resultados foram ao encontro dos estudos analisados indicando que o tipo de promoção, a auto-interpretação e relacionamento anterior com a empresa interagem entre si e otimizam a resposta dos clientes às promoções. Estendendo-se os influenciadores desta relação, foi incluído o grau de percepção hedônica sobre o produto como variável e realizado um segundo experimento. Como resultado, produtos de maior percepção hedônica otimizaram ainda mais a performance de promoções inclusivas para indivíduos interdependentes. Já os experimentos 3 e 4 foram realizados para analisar o papel da percepção hedônica em conjunto com diferentes níveis de desconto ofertado, dada a influência comprovada no experimento 2 e embasamento teórico. A intenção dos dois últimos experimentos foi de identificar uma menor performance quando da oferta de descontos maiores para produtos de maior percepção hedônica. Entretanto, apenas foi encontrada uma interação entre as variáveis, sem ser possível identificar tendências de variações na performance das promoções. Assim, as comprovações obtidas neste trabalho mostraram que as promoções de vendas podem ser mais efetivas sem a necessidade de aumento da magnitude dos descontos ofertados, realizando-se a congruência entre perfil do indivíduo, percepção do produto e tipo de promoção com diferentes níveis de exclusividade. / The objective of this study is evaluate the increase of monetary promotions effectiveness without the need to increase the discount offered by them. It was analyzed as influencing variables of promotions´effectiveness the individual self-construal feature and hedonic perception of the product offered. Thus, the studies of Barone and Roy (2010b) and Winterich, Mittal and Swaminthan (2014), wich adressed two types of promotion (inclusive promotion, focused in groups, and exclusive promotion, focused in the individual) and their relation with the self-construal of Independence and interdependence of the individual were replicated. In a first experiment, the results were similar, indicating that the type of promotion and self-construal Interact and optimize customer response to promotions. Extending the influencers of this relationship, the degree of product´s hedonic perception was included as a variable and a second experiment was conducted. The products with greater hedonic perception optimized the performance of inclusive promotions for interdependent people. The third and fourth experiments were carried out to analyze the role of hedonic perception with different levels of discount offered, given the proven influence in the second experiment and the theoretical basis. The aim of the last two experiments was to identify a lower performance when a larger discount was offered to products with greater hedonic awareness. However, only an interaction between the variables was found, without been able to identify variable´s trends in the performance of the promotions. Thus, the evidence obtained in this work showed that sale promotions may be more effective performing the congruence between the individual´s profile, product awareness and promotion type with different levels of exclusivity, without the need to increase the magnitude of the discount offered.

Este trabalho descreve as práticas usuais dos avaliadores de ativos do mercado brasileiro ao estimar o valor do custo de capital próprio na composição da taxa de desconto dos fluxos de caixa a ser empregada no método do Fluxo de Caixa Descontado. O estudo consiste de duas etapas principais. Na primeira foi feito um delineamento descritivo, explicitando-se quais são os métodos utilizados na estimação do custo de capital próprio, e como são obtidos os parâmetros que alimentam esses métodos. Na segunda fase do trabalho, foram realizados testes de hipótese de relações entre variáveis pertinentes no processo de estimação da taxa de desconto do capital próprio, buscando entender as relações de causa e efeito dos fenômenos presentes no processo. Para que os objetivos desejados fossem alcançados nas fases citadas, foi realizado um levantamento de dados primários, no qual se obteve uma amostra de 93 avaliações realizadas entre 2002 e 2006, tendo sido a sua maioria, aproximadamente 70%, realizadas em 2006. Em seguida foi feito um tratamento estatístico dos dados levantados, utilizando-se o aplicativo SPSS versão 13.0, com o propósito de agrupar e quantificar os resultados obtidos e de estabelecer relações pertinentes entre as variáveis envolvidas no processo de estimação do custo do capital próprio. Ao final, os resultados atingidos mostram a predominância de duas metodologias distintas: o CAPM e o Método de Prêmios de Risco. Para cada um dos métodos observou-se um padrão predominante de determinação dos parâmetros que viabilizam a metodologia. Além disso, foi verificada a existência de um forte viés de posição do avaliador ao selecionar quais fatores de risco incluir na metodologia. Uma análise derradeira da formação da taxa de desconto mostrou a sua forte relação com o porte do ativo avaliado, o que ratifica o conceito já preconizado em diversas publicações sobre o assunto, de que o prêmio por porte do ativo avaliado é um fator a ser levado em consideração. / This work describes the usual practices of asset valuators in Brazilian Market when estimating the equity capital cost used to compose the cost of capital to discount future cash flows through the Discounted Cash Flow Method. The study consists of two main blocks. Firstly, a general guideline was constructed, explaining the principal methods used for equity cost estimation and how these methods? parameters are obtained. In the second phase of the study, hypothesis tests concerning relations among relevant variables of the process were carried out, searching to identify the cause-effect relations among the phenomena present in the process. So that the objectives were reached in the mentioned phases, a primary data survey was carried out, obtaining a sample of 93 valuations made between 2002 and 2006. About 70% of these valuations were appraised in 2006. Therefore, a statistic data analysis took place with use of SPSS 13.0 version, with the objective of grouping and quantifying the survey results and also set relevant relations among involved variables in the equity cost of capital estimation. In the end, the main results show a predominance of two distinct methodologies: CAPM and Build-up Models. For each of them it was possible to identify a predominant standard of parameter estimation. Besides that, it was possible to verify the existence of a strong position bias on the analyst part, when deciding which risk premia to consider in the model. A final analysis of the discount rate composition showed strong relation with the appraised asset size, which confirms the popular concept in many publications, that size premium is a risk factor to be taken into account when valuating assets.

This thesis consists of three empirical essays studying the capital market implications of the accounting for R&D costs. The first empirical study (Chapter 2) re-visits the debate over the positive R&D-returns relation. The second empirical study (Chapter 3) examines the risk relevance of current R&D accounting. The third empirical study (Chapter 4) explores the joint impact of R&D intensity and competition on the relative relevance of the idiosyncratic part of earnings. Prior research argues that the positive relation between current R&D activity and future returns is evidence of mispricing, a compensation for risk inherent in R&D or a transformation of the value/growth anomaly. The first empirical study contributes to this debate by taking into account the link between R&D activity, equity duration and systematic risk. This link motivates us to employ Campbell and Vuolteenaho (2004)'s intertemporal asset pricing model (ICAPM) which accommodates stochastic discount rates and investors' intertemporal preferences. The results support a risk based explanation; R&D intensive firms are exposed to higher discount rate risk. Hedge portfolio strategies show that the mispricing explanations is not economically significant. The second empirical study contributes to prior research on the value relevance of financial reporting information on R&D, by proposing an alternative approach which relies on a return variance decomposition model. We find that R&D intensity has a significant influence on market participants' revisions of expectations regarding future discount rates (or, discount rate news) and future cash flows (or, cash flow news), thereby driving returns variance. We extend this investigation to assess the risk relevance of this information by means of its influence on the sensitivity of cash flow and discount rate news to the market news. Our findings suggest R&D intensity is associated with significant variation in the sensitivity of cash flow news to the market news which implies that financial reporting information on R&D is risk relevant. Interestingly, we do not establish a similar pattern with respect to the sensitivity of discount news to the market news which may dismiss the impact of sentiment in stock returns of R&D intensive firms. The third empirical study examines the effect of financial reporting information on R&D to the value relevance of common and idiosyncratic earnings. More specifically, we investigate the value relevance of common and idiosyncratic earnings through an extension of the Vuolteenaho (2002) model which decomposes return variance into its discount rate, idiosyncratic and common cash flow news. We demonstrate that the relative importance of idiosyncratic over common cash flow news in explaining return variance increases with firm-level R&D intensity. Extending this analysis, we find that this relation varies with the level of R&D investment concentration in the industry. Those results indicate that the market perceives that more pronounced R&D activity leads to outcomes that enable the firm to differentiate itself from its rivals. However, our results also suggest that the market perceives that this relation depends upon the underlying economics of the industry where the firm operates.

First part of this graduation theses "Fundamental and technical analysis of the Telefonica O2 Czech Republic, a.s. equity" concern more about the teoretical approach of the characteristics of the company Telefonica O2, his competitors on the country level as well as on the regional level. This description should prepare the reader to know better the telecomunication sector. The second part is a empirical study. Primarily from the fundamental approach and then from the technical one. These two parts concern about discovering the "buy" os "sell" recommendation for a real investor. Each of the methods are first described and then a brief comment of the results is made.

The master's thesis deals with promotional discounts of retail chains focusing on a description of factors that affect customers in selection of a shopping place to purchase food and beverages and identifies the level of influence of promotional discounts on purchase decisions. This thesis is divided into two parts. The theoretical part contains fundamental resources, that are enriched by findings of foreign case studies. It focuses on consumers behavior and purchase decisions emphasizing the influence of prices and special offers. The practical part consists of secondary research of current trends in shopping behavior of Czech consumers, primary analysis of the action flyers and research focused on describing the attitudes of consumers towards the retail chains and identifying the impact of promotional discounts on purchasing food products. The recommendations for marketing activities of retail chains are formulated based on the results of the analysis.