Made available in DSpace on 2015-12-03T18:35:24Z (GMT). No. of bitstreams: 1 Anderson_da_Silva_Pinto.pdf: 593086 bytes, checksum: 0af63bcd9c696fd4ff30b43131d0442b (MD5) Previous issue date: 2012-11-27 / The systematic restatement that was prohibited by Law 9.249/95, allowed companies to recognize the effects of inflation in the accounting statements, thus enabling users to understand the effects of accounting that inflation generated in the asset and results of the companies. This paper aims to highlight the effects that the lack of indexation causes in equity in earnings and profitability of companies in the mining sector in the period 2006 to 2011, comparing the indicators of net income, shareholders' equity and return on equity extracted from the accounting statements determined in accordance with Brazilian Corporate Law and the accounting statements adjusted considering the effects of inflation over the period. The prohibition of the practice of restatement caused the accounting statements disclosed by companies in the mining sector do not recognize the effects of inflation, distorting the content of the information disclosed and as a consequence affecting the decision-making process of users of accounting. This is a descriptive quantitative, in which we used the methods of descriptive analysis and descriptive statistics to understand the behavior of indicators that were studied and to analyze the accounting statements of companies within the mining sector. Were collected and analyzed indicators of net income, shareholders' equity and return on equity, extracted from the accounting information disclosed in the Revista Exame Melhores e Maiores in the period from 2006 to 2011. Where significant differences were found in the values presented in accordance with Brazilian Corporate Law as compared with the figures considering the effects of inflation. The main results were that the lack of inflation adjustment in the accounting statements cause considerable distortions in the calculation of income for the period, the net asset value and profitability indicator in equity of companies in the mining sector. The distortions affect users of accounting in the process of choosing their investments and analysis of accounting information, as these users are making decisions through accounting statements do not adequately reflect the economic reality of companies in the mining sector. Conclude that the accounting practice of indexation for both corporate as managerial levels are relevant to avoid the distortions that are caused evidenced in equity, results and return on equity of companies in the mining sector, the non-recognition of inflation. / A sistem??tica da corre????o monet??ria que foi proibida pela Lei n. 9.249/95 permitia que as empresas reconhecessem os efeitos da infla????o nas demonstra????es cont??beis, possibilitando assim, aos usu??rios da contabilidade, conhecer os efeitos que a infla????o gerava no patrim??nio e nos resultados das empresas. O presente trabalho tem como objetivo evidenciar as consequ??ncias que a falta da corre????o monet??ria ocasiona no patrim??nio l??quido, no resultado do exerc??cio e na rentabilidade do patrim??nio l??quido das empresas do setor de minera????o brasileiro, no per??odo de 2006 a 2011, comparando os indicadores de lucro l??quido, do patrim??nio l??quido e da rentabilidade do patrim??nio l??quido extra??dos das demonstra????es cont??beis apuradas de acordo com a legisla????o societ??ria e as demonstra????es cont??beis ajustadas considerando os efeitos da infla????o no per??odo. A proibi????o da pr??tica da corre????o monet??ria fez com que as demonstra????es cont??beis divulgadas pelas empresas do setor de minera????o brasileiro n??o reconhe??am os efeitos da infla????o, distorcendo o conte??do das informa????es divulgadas e, como consequ??ncia, afetando o processo decis??rio dos usu??rios da contabilidade. Trata-se de uma pesquisa descritiva quantitativa, na qual foram utilizados os m??todos de an??lise descritiva e a estat??stica descritiva para se entender o comportamento dos indicadores que foram coletados das demonstra????es cont??beis das empresas pertencentes ao setor minera????o brasileiro. Este trabalho analisa os indicadores de lucro l??quido, do patrim??nio l??quido e da rentabilidade do patrim??nio l??quido, extra??dos das informa????es cont??beis divulgadas na revista Exame Maiores e Melhores, no per??odo de 2006 a 2011. Nos indicadores coletados, h?? diferen??as relevantes nos valores apresentados de acordo com a legisla????o societ??ria em compara????o com os valores apresentados considerando os efeitos da infla????o do per??odo. Os principais resultados alcan??ados foram que a falta da corre????o monet??ria nas demonstra????es cont??beis provocam distor????es consider??veis na apura????o do resultado do per??odo, no valor do patrim??nio l??quido e no indicador de rentabilidade do patrim??nio l??quido das empresas do setor de minera????o brasileiro. As distor????es afetam os usu??rios da contabilidade no processo de escolha dos seus investimentos e nas an??lises das informa????es cont??beis, pois estes usu??rios est??o tomando decis??es com base em demonstra????es cont??beis que n??o refletem adequadamente a realidade econ??mica das empresas do setor de minera????o brasileiro. Conclui-se que a pr??tica cont??bil da corre????o monet??ria, tanto para n??veis societ??rios quanto gerenciais, ?? relevante para evitar as distor????es evidenciadas que s??o causadas no patrim??nio l??quido, nos resultados e na rentabilidade do patrim??nio l??quido das empresas do setor de minera????o brasileiro, pelo n??o reconhecimento da infla????o.

Build-Operate-Transfer (BOT) is a form of Public-Private Partnerships that is commonly used to close the growing gap between the cost of developing and modernizing transportation infrastructure systems and the financial resources available to governments. When assessing the feasibility of a BOT project, private investors consider revenue risk - which is stemmed from the uncertainty about future traffic demand - as a critical factor. A potential approach to mitigating the revenue risk is the offering of revenue risk sharing mechanisms such as Minimum Revenue Guarantee options by the government. In addition to Minimum Revenue Guarantee options, a mechanism known as Traffic Revenue Cap options may also be negotiated, which makes the government entitled to a share of revenue when it grows beyond a specified threshold. Financial valuation of investments in BOT projects should take into account uncertainty about future traffic demand, as well as Minimum Revenue Guarantee and Traffic Revenue Cap options. The conventional valuation methods including Net Present Value (NPV) analysis are not capable of integrating the uncertainty about future traffic demand in the valuation of BOT projects and properly pricing Minimum Revenue Guarantee and Traffic Revenue Cap options. Real options analysis can be used as an alternative approach to valuation of investments in transportation projects under uncertainties. However, the appropriate application of real options analysis to valuation of investments in transportation projects is conditioned upon overcoming specific theoretical challenges. Current real options models do not provide a systematic method for estimating the project volatility, which measures the variability of investment value. Existing models do not provide a method for calculating the market value of Minimum Revenue Guarantee and Traffic Revenue Cap options. Also, current models are not able to characterize the impact of Minimum Revenue Guarantee and Traffic Revenue Cap options on private investors' financial risk profile. The overarching objective of this research is to apply the real options theory in order to price Minimum Revenue Guarantee and Traffic Revenue Cap options under the uncertainty about future traffic demand. To achieve this objective, a real options model is created that characterizes the long-term traffic demand uncertainty in BOT projects and determines investors' financial risk profile under uncertainty about future traffic demand. This model presents a novel method for estimating the project volatility for real options analysis. This model devises a market-based option pricing approach to determine the correct value of Minimum Revenue Guarantee and Traffic Revenue Cap options. An appropriate procedure is created for characterizing the impact of Minimum Revenue Guarantee and Traffic Revenue Cap options on the investors' financial risk profile. The proposed real options model is applied to a BOT project to illustrate the valuation process. The limitations of the proposed real options model, as well as the barriers to its implementation, are identified and recommendations for future research are offered. This research contributes to the state of knowledge by presenting a new method for estimating the project volatility, which is required for the real options analysis of transportation investments. It also introduces a risk-neutral valuation method for pricing the market value of Minimum Revenue Guarantee and Traffic Revenue Cap options in BOT projects. The research also contributes to the state of practice by introducing a novel class of assessment tools for decision makers that characterize the investors' financial risk profile under uncertainty about future traffic demand. Proper methods for pricing of Minimum Revenue Guarantee and Traffic Revenue Cap options are useful to public and private investors, in order to avoid wasting capital in transportation projects.

The purpose of this study was to determine the informational value of FASB Statement No. 33 current cost disclosures using the analytical technique of industry-wide decomposition analysis. The industry-wide decomposition model was used to measure the informational content of both the historical cost balance sheets (reported in the firm's annual reports) and the current cost balance sheets (prepared from the current cost disclosures) of firms in the Electric Services and Retailers industries. The two measures were then compared to determine the informational value of FASB Statement No. 33 current cost disclosures.

Thesis (M. Com. (Economics)) -- University of Limpopo, 2017 / Investment as one of the important macroeconomic variables can ensure infrastructure development and growth in the economy by raising the productive capacity. The study seeks to examine the determinants of investment activity in South Africa by means of the Cointegrated Vector Autoregression approach. The results of this study could assist policy makers to come up with policies that could encourage investment. The findings will add to the existing theory and knowledge as there is limited research on investment, more especially in South Africa. The empirical results revealed that the long and short run relationship exists amongst the variables under investigation. Furthermore, it was found that there is positive relationship between economic growth, interest rate, inflation and investment. Taxation and investment are negatively related in South Africa both in the long and short run. This indicates that investment activity can be explained by tax, economic growth, interest rates and inflation. The study recommend that the government should also find methods of increasing its revenue base. This could be done by creating a tax policy and system that is able to capture the informal sector because various un-registered businesses go unrecorded when estimating the tax to be collected in a fiscal year. This may be another way of increasing the level economic growth (GDP) since it will generate more fund for government to spend. KEY CONCEPTS: Gross fixed capital formation, Economic growth, taxation, interest rates, inflation.

The literature investigating the relationship between stock market returns and inflation is long and has produced diverse findings. This thesis examines the nature of stock–inflation relations in Sub-Saharan countries whose stock markets were established before 1992. Evidence in this thesis shows that in the short term there is a positive relationship between stocks and inflation. Using the Johansen (1988) evidence, a long-run stock–inflation relationship is confirmed only in Nigeria and South Africa, where it is found to be negative. However, accounting for structural breaks provides evidence for a long-run relationship in Botswana, Ghana and Kenya. The evidence of the effects of regimes in the relationship is further supported by a nonparametric cointegration analysis which finds a long-run relation in countries where the Johansen (1988) method had failed. Unexpected inflation is also found to be related to stock returns in Botswana, Ghana, Kenya, Nigeria and Mauritius, which raises concerns about the use of month-end stock data in analysing this relationship. The thesis confirms the existence of hidden inflation in Kenya, Mauritius, Nigeria and Zimbabwe. Imported inflation, interest rates and the exchange rate are found to have useful information about inflation movements in Sub-Saharan Africa.

The successful launch of the European Monetary Union (EMU) raised an already ever growing interest in the economics of monetary integration and the formation of monetary unions around the world. Following the EMU experience, countries have considered forming a monetary union amongst themselves. The East African Community (EAC), comprising the three original member countries Kenya, Tanzania and Uganda and now including Burundi and Rwanda, is an example of such a group of countries that seek to form a monetary union. This study aims to identify the current level of financial integration amongst the East African countries. In order to do so the study examines whether the pass-through of monetary policy in the five countries has become similar over time. This is to provide an indication of the extent to which the nominal convergence criteria amongst the member countries have been met. The results of the study provide an indication of whether the formation of a monetary union in East Africa is possible. The empirical analysis used in this study included stationarity tests, four tests of co integration and an asymmetric error correction model to investigate whether the pass-through of monetary policy transmission in the five countries has become more similar over the ten year sample period from 1999 to 2008. The analysis uses three interest rates and 6-year rolling windows to identify the extent of macroeconomic convergence that prevails within the EAC, and consequently whether the formation of a monetary union is possible. The results suggest that the magnitude of the convergence amongst the countries remain low and there are significant rigidities in the deposit and lending rates over time, however the passthrough has improved with respect to the lending rate but not the deposit rate. The overall conclusion of the study suggests that an EAC wide monetary union is currently not possible based on the evidence provided from the pass-through analysis.

This thesis investigates the relationship between expected inflation and nominal interest rates in South Africa and the extent to which the Fisher effect hypothesis holds. The hypothesis, proposed by Fisher (1930), that the nominal rate of interest should reflect movements in the expected rate of inflation has been the subject of much empirical research in many industrialised countries. This wealth of literature can be attributed to various factors including the pivotal role that the nominal rate of interest and, perhaps more importantly, the real rate of interest plays in the economy. The validity of the Fisher effect also has important implications for monetary policy and needs to be considered by central banks. Few studies have been conducted in South Africa to validate this important hypothesis. The analysis uses the 3-month bankers’ acceptance rate and the 10-year government bond rate to proxy both short- and long-term interest rates. The existence of a long-run unit proportional relationship between nominal interest rates and expected inflation is tested using Johansen’s cointegration test. The data is analysed for the period April 2000 to July 2005 as the research aims to establish whether the Fisher relationship holds within an inflation targeting monetary policy framework. The short-run Fisher effect is not empirically verified. This is due to the effects of the monetary policy transmission mechanism and implies that short-term nominal interest rates are a good indication of the stance of monetary policy. A long-run cointegrating relationship is established between long-term interest rates and expected inflation. The long-run adjustment is less than unity, which can be attributed to the credibility of the inflation-targeting framework.

This study investigated the impact of import prices on inflation in Namibia, using quarterly time series data over the period 1998Q2-2017Q4. The variables used in the study are inflation rate, M2, real GDP and import prices. The study found that all the variables are integrated of order one (1), and upon testing for cointegration using Johansen test, there was no cointegration. Therefore, the model was analysed using ordinary least squares (OLS) techniques of vector autoregression (VAR) approach, granger causality test and the impulse response function. The results of the study revealed that import prices granger causes inflation at 1% level of significance. Inflation is also granger caused by real GDP and broad money supply (M2) does not Granger cause inflation. The study further revealed that the shocks to import prices are significant in explaining variation in inflation both in the short run and in the long term. / Economics / M. Com. (Economics)