Made available in DSpace on 2016-04-26T20:48:54Z (GMT). No. of bitstreams: 1 Edi Carlos Martins dos Santos.pdf: 2441010 bytes, checksum: a8b22a8372a512ed57f3ea07b0ff445d (MD5) Previous issue date: 2009-05-05 / The economic damages caused by the global warming are used expressed in a percentage loss of the gross domestic product or as a ratio of world output or even by the absolute value of certain monetary units. Generally, no much attention is given to the estimation methodology or calculation process itself. More detailed analysis of this process (damage valuation) shows that a lot of factors can contribute to the increase or decrease of the economic amount damage: externalities which are not included in the calculation, simplification, extrapolation, per capita income correction (in the form of equity weighting), and choice of discounting rates. The aim of this work is to do a review of that estimation methodology, pointing out the way, sequence, key parameters and procedures that have influence over the total amount of the economic damage, caused by the global warming / Os danos econômicos causados pelo aquecimento global costumam ser expressos na forma de uma perda percentual do produto nacional ou mundial ou ainda pelo valor absoluto de certo valor de unidades monetárias. Em geral, não é dada muita atenção ao processo ou método de estimação do cálculo em si. Uma análise mais detalhada desse processo (valuation do dano) mostra que vários fatores podem contribuir para aumentar ou diminuir o montante econômico do dano: a não captura de várias externalidades, simplificações, extrapolações, correções por meio da renda per capita (ponderação ou pesos de igualdade) e por meio da escolha das taxas de desconto. O objetivo desse trabalho é fazer uma revisão dessa metodologia de cálculo, evidenciando a forma, a seqüência, os parâmetros e os procedimentos fundamentais que têm influência sobre montante total do dano econômico, causado pelo aquecimento global

[pt] O Prêmio de Risco do mercado acionário, infelizmente, não possui uma definição universalmente aceita. O material já publicado sobre o tema Prêmio de Risco do mercado acionário é muito vasto e abrangente, abordando desde análises ex- post sobre dados históricos (com diversos períodos amostrais, intervalos de observação, fatores de ajuste e em diversos países) até estimativas do prêmio ex-ante através dos mais variados modelos baseados em variáveis tais como aversão a risco, crescimento do consumo, dados contábeis e dividend yield, entre outros. O objetivo desta dissertação será analisarmos uma condensação das várias abordagens utilizadas, seus resultados e contribuições. Frente as significativas diferenças encontradas ao se computar o prêmio de risco, é fundamental o usuário da estimativa do prêmio de risco saber claramente qual a definição usada na estimativa e por que tal definição seria apropriada para seu propósito particular. No final dessa dissertação realizaremos uma estimativa do prêmio de risco no Brasil com base em um estudo de 1993 realizado pela McKinsey e Company, Inc. / [en] Unfortunately, there is no universally accepted definition of the Equity Risk Premium. Available material on the theme are very broad and deep, ranging from ex-post analysis on historical data -with distinct samples in different time periods- to ex-ante estimates of the equity premium making use of several models based in variables such as risk aversion, consumption growth, accounting data and dividend yield, among others. The objective of this paper will be to analyze a compilation of several approaches taken, their results and contributions. In face of the significant differences presented when computing the equity premium, it is key for the investor who will make use of the equity premium estimate to know clearly which definition of the premium he will be using and why is that definition appropriate for his particular purpose. In the final chapter we will estimate the equity risk premium in Brazil based on a study developed in 1993 by McKinsey and Company, Inc.

A simple integrated assessment framework that gives rules for the optimal carbon price, transition to the carbon-free era and stranded carbon assets is presented, which highlights the ethical, economic, geophysical and political drivers of optimal climate policy. For the ethics we discuss the role of intergenerational inequality aversion and the discount rate, where we show the importance of lower discount rates for appraisal of longer run benefit and of policy makers using lower discount rates than private agents. The economics depends on the costs and rates of technical progress in production of fossil fuel, its substitute renewable energies and sequestration. The geophysics depends on the permanent and transient components of atmospheric carbon and the relatively fast temperature response, and we allow for positive feedbacks. The politics stems from international free-rider problems in absence of a global climate deal. We show how results change if different assumptions are made about each of the drivers of climate policy. Our main objective is to offer an easy back-on-the-envelope analysis, which can be used for teaching and communication with policy makers. / Series: Ecological Economic Papers

With the election of President Trump, climate deniers feel emboldened and moved from the fringes to the centre of global policy making. We study how an agnostic approach to policy, based on Pascal's wager and allowing for subjective prior probability beliefs about whether climate deniers are right, prices carbon. Using the DICE integrated assessment model, we find that assigning a 10% chance of climate deniers being correct lowers the global price on carbon in 2020 only marginally: from $21 to $19 per ton of carbon dioxide if policymakers apply "Nordhaus discounting" and from $91 to $84 per ton of carbon dioxide if they apply "Stern discounting". Agnostics' reflection of remaining scientific uncertainty leaves climate policy essentially unchanged. The robustness of an ambitious climate policy also follows from using the max-min or the min-max regret principle. Letting the coefficient of relative ambiguity aversion vary from zero, corresponding to expected utility analysis, to infinity, corresponding to the max-min principle, we show how policy makers deal with fundamental climate model uncertainty if they are prepared to assign prior probabilities to different views of the world being correct. Allowing for an ethical discount rate and a higher market discount rate and for a wide range of sensitivity exercises including damage uncertainty, we show that pricing carbon is the robust response under rising climate scepticism. / Series: Ecological Economic Papers

The diploma thesis is focused on testing of effectiveness of selected methods of fundamental analysis on a sample of Russian stocks. The introductory part lists briefly different ways of describing changes of stock prices. The second chapter explains key principles of fundamental analysis with focus on models which are used for determination of intrinsic value of stocks, and the necessary inputs. The following chapter describes development of Russian stock market in last two decades. The last chapter includes stock evaluation of nine Russian companies at the end of 2007 via DCF equity model and dividend discount models. Effectiveness of this analysis is then evaluated by comparison of particular stock return with return of the market portfolio represented by the MICEX index during the three-year time.

For the gastronomy facilities it's very difficult to keep their position in the gastronomy market. If the restaurant wants to be successful it must reflect need and expecations of its customers. The most important factors are: environment of restaurants, excellent cuisine, professional service and good marketing. The facility can use a lot of marketing tools, which are constantly changing due to rapid development of information and communication technologies. The aim of this thesis is interpretation of discount sites as a new marketing tool for gastronomy facilities. Theoretical part deals with general marketing issues in gastronomy and it describe the principle of discount sites. The aim of the practical part is to gain practical knowledge and experiance how the model of discount servers it works in the gastronomy sector. The issue is analyzed from two points of view. The first is from gastronomy facility (how gastronomy facilities use discount servers and what positives bring to them). The second point of view is the angle from customer, whether the client is satisfied with the offer of discount servers. Materials for this section were obtained on the basis of interviews with some of discount sites, with co-owner of the restaurant "Mimoměsto" who used 3 times the offer discount servers in the past and on fieldwork based on research in 15 selected gastronomy facilities which participated on discount servers. Discount sites are very young dynamic industry, which began flourish in the CR. Czech customers are getting used to them and like them. In the future is expected growth in turnover of discount sites, but a reduction of their number to keep only reliable ones on the market.

A simple integrated assessment framework that gives rules for the optimal carbon price, transition to the carbon-free era and stranded carbon assets is presented, which highlights the ethical, economic, geophysical and political drivers of optimal climate policy. For the ethics we discuss the role of intergenerational inequality aversion and the discount rate, where we show the importance of lower discount rates for appraisal of longer run benefit and of policy makers using lower discount rates than private agents. The economics depends on the costs and rates of technical progress in production of fossil fuel, its substitute renewable energies and sequestration. The geophysics depends on the permanent and transient components of atmospheric carbon and the relatively fast temperature response, and we allow for positive feedbacks. The politics stems from international free-rider problems in absence of a global climate deal. We show how results change if different assumptions are made about each of the drivers of climate policy. Our main objective is to offer an easy back-on-the-envelope analysis, which can be used for teaching and communication with policy makers.

The master´s thesis deals with making appropriate communication mix for the selected Deal of the Day Websites using marketing methods. The theoretical part deals with the important definitions on the basis of which developed analytical part, which includes the evaluation of the current situation of the selected company, which serves as the basis for the selection of specific instruments of communication mix.

In central North Carolina, small and medium-sized discount retailers have had a high failure rate, which is troubling considering that small businesses create jobs and drive successful innovation that is critical for economic development. The purpose of this phenomenological study was to explore experiences regarding successful innovation strategies of 20 discount retail industry owners and general managers located in central North Carolina. This study was grounded in Rogers`s diffusion of innovations conceptual framework and Christensen`s disruptive innovation theory. Data collection occurred through semistructured face-to-face interviews with owners and general managers of discount retail industry. Data analysis strategies included a modified Van Kaam method to identify essential ideas and coded data into categories of relevant themes. Three prominent themes emerged during data analysis: (a) Discount retailers supported innovation, (b) innovation was the source of economic growth for these retailers, and (c) discount retailers said they need innovation for competitive positioning. The results may help strengthen innovation strategies of local discount retail businesses, which could produce greater profitability and growth. Further, social change implications include the potential to provide business owners with new ideas, leading to increases in tax revenues, which could help local governments provide better services in their communities.

本研究以適用於民國九十九年九月一日修正前之「公開發行公司辦理私募有價證券應注意事項」辦理私募增資之上市櫃公司為研究對象，研究期間為民國九十四年十月十一日至九十九年八月三十一日，以探討內部人行為對私募折價幅度之影響。 　　研究結果發現，公司內部人若有參與私募者，則折價幅度會較純粹為外部人應募之私募案為大，顯示內部人可能藉由其職權，壓低私募價格以自肥，符合利益掠奪假說。此外，若內部人於應募前後，尚還有出售老股套利或隱瞞應募人與公司關係之情事者，其折價幅度越大。顯示內部人若意圖假私募手法圖利自身時，其確會運用其對公司之影響力，蓄意壓低私募價格以賺取折價之價差，或刻意隱瞞資訊以規避小股東之監督。因此，私募折價幅度與內部人是否參與應募以及續後之作為，確有密切關聯。 / This study examines the effect of insiders’ activities on the price discount of private placement. The sample period starts from October 11th, 2005 and ends August 31th, 2010, one day before the last revision on the regulation, Directions for Public Companies Conducting Private Placements of Securities. The empirical result shows that the price discount under private placement with insiders involved is more than that with outsiders only. The insiders, in accordance with entrenchment hypothesis, may benefit by discounting the price in the private placement. In addition, more price discount may also be taken by the insiders who intend to benefit from selling stocks while purchasing stocks from the private placement or intentionally concealing information about their relationship with the company. It’s evident that the price discount under private placement has something to do with whether the insiders are involved and how they behave in response.