The aim of this thesis was to comprehensively describe the valuation process, emphasize the significance of each part and point out possible pitfalls. The methodological valuation theory is not regulated in the Czech Republic, with a few exceptions, thus the credibility of the final value depends on the economic quality of applied process. Before the valuation methodology itself is applied, there has to be carried out both strategic and financial analysis providing the inputs for the applied models. Strategic analysis examines both general macroeconomic conditions, which could affect future performance of the company, and relevant market the company operates on within the competitive landscape. Strategic analysis provides the inputs into subsequent financial plan, primarily based on historical financial performance of the company, and serve as its corrective. In this thesis there were analyzed yield-based and market multiples methods, complemented by asset-based approach. Yield-based methods, i.e. DCF and EVA, are based on discounted future value which will the company generate. That implicates the suitability of its application for the companies with predictable financial plan. That means mostly companies with stable financial history, in case of young innovative startup the usage of such a method...

The master thesis deals with the development and display of advertisement for medicine and health- related products and services in Czech women's magazines. We compare here two periods - The First Czechoslovak Republic and present. It focuses primarily on these following questions: Does the display of health-related products have changed? Do we still advertise products of the similar character? Has the ideal of heath changed and things which were believed healthy in the past, are not considered healthy anymore? Is the difference related to historical events or rather related to the current state of society and its preferences? The main titles for analysis were Eva: A journal of modern women from the 1930s, which was published by Melantrich and current lifestyle magazine Elle, which is published by Hubert Burda Media. The theoretical part summarizes current basic knowledge about press, advertising, healthcare. In the practical part are more closely introduced the research methods - content and image analysis and also the process of analysis and the comparison by itself. An integral part of the thesis is the attached advertisements, on which the analysis was based, and which serve for better illustration of the above-mentioned phenomena. Powered by TCPDF (www.tcpdf.org)

The main objective of my graduation theses is to analyze the financial and economic situation of Aero Vodochody Corporation between 2005 and 2009. Another goal is to review the entrance of the strategic owner into Corporation in 2007 including its steps taken during the restructuring of the company. I am focusing on the theoretical fundamentals of my financial analysis and its defined basics of method in the first part of my theses. Those are applied in second part of theses. Results of economics situation of corporation is summarized in conclusion of this theses.

The theoretical part of the diploma thesis deals with the main aspects of financial analysis, especially with horizontal and vertical analysis of absolute values, financial ratios, new valuation models and bankruptcy prediction models. The following part concentrates on the company Crocodille ČR, spol. s r.o. using the theoretical approaches mentioned above. It focuses on trend analysis, the calculation of Weighted Average Cost of Capital and Economic Value Added as well as industry comparative analysis. The final recommendations regarding e.g. the sensitivity analysis of company indebtedness are included in the last chapter.

The aim of this diploma work is the determination of the value Metrostav a.s. to date 1. October 2009 by using discounted cash flows. The Value of this company it might serve the owners if they want to sell shares of unspecified buyer. Diploma work is divided to the next parts: strategic analysis, financial analysis,financial plan and the value determination of the company Metrostav. Based on the research of each of the above analysis I have concluded that the firm has a yield potential is attractive and the resulting value is greater than the balance total assets to the date of valuation.

The purpose with this essay is to investigate how different theories about literary competence can help us understand why Sven Delblanc’s novel Änkan and Mara Lee’s novel Ladies have generated so many various interpretations as they have. To fulfill this purpose a comparative study of book reviews about the two novels Änkan and Ladies has been made. The theories about literary competence that have been used in this study are Joseph Appleyard’s theory about reader-roles, Judith Langer’s theory about imaginary worlds and Magnus Persson’s theory about genre perspectives. The results that are presented in this study are that those book reviews that express expectations about the novels as being genre-typical are often more disappointed about the reading experience than those readers who have expectations about the novels as being genre-transgressing and with deeper meaning. The discussion about genres has therefore given an interesting perspective about the correlation between the readers’ expectations and the many, various interpretations that follow.

A ampla divulgação do conceito de valor econômico adicionado (EVA®) fez com que as empresas utilizassem essa medida de desempenho para evidenciar o quanto de valor foi adicionado aos seus proprietários. Essas empresas esperam que EVA®s positivos aumentem o valor da empresa no mercado. Nesse sentido, alguns estudos comprovaram uma relação forte entre o EVA® e o retorno das ações no mercado, confirmando que o EVA® positivo valoriza a empresa no mercado (FELTHAM et al, 2004; SILVEIRA et al, 2004). Entretanto, ao se analisarem as medidas contábeis tradicionais, como lucro líquido e fluxo de caixa operacional, encontra-se uma forte relação dessas medidas com o retorno das ações e uma fraca relação do EVA® com o retorno das ações (BIDDLE et al, 1997). Neste trabalho, foi aplicado o estudo de Biddle et al, para todas as empresas não-financeiras de capital aberto listadas na Bovespa, no período de 1997 a 2006. Foi apurado o lucro líquido, o fluxo de caixa operacional, o EVA® e o lucro residual (EVA® sem ajustes contábeis) e foi analisada a relação dessas medidas com o retorno das ações das empresas brasileiras. Foi analisada também a influência dos ajustes contábeis na explicação do retorno das ações, para o mesmo período. Os testes de regressões com efeito fixo e efeito aleatório para as amostras com as variáveis independentes ajustadas e não-ajustadas mostraram que o poder de explicação, medido pelo r-quadrado, encontrado nos testes foi muito baixo. Este resultado se aproximou do encontrado por Biddle et al e Feltham et al, fato este que não permitiu afirmar claramente o quanto as medidas de valor econômico e as medidas contábeis explicaram o retorno das ações e se afastou dos resultados encontrados por Silveira et al fato este que poderia evidenciar que o mercado brasileiro apresentou alguma eficiência na sua forma semi-forte. / The huge propagation of the EVA® (Economic Value Added) concept allows companies to use this performance measure to prove how much value was added for the owners. These companies hope positive EVA®s increase firm values in the market. In this direction, some studies prove a strong association between EVA® and stock returns, confirming that the positive EVA® valorizes companies in the market (Felthan et al, 2004; Silveira et al, 2004). However, when analyzing mandated performance measures, such as earning and operate cash flow, there is a strong association between these measures and the stock returns, and a weak association between EVA® and stock returns (Biddle et al, 1997). At this study, Biddle et al study was applied to all of no-financial companies with open capital listed at Bovespa, from 1997 to 2006. Earning, operate cash flow, EVA® and residual income (EVA® without accounting adjustments) were verified, and the association between these measures and Brazilian company stock returns was analyzed. The influence of accounting adjustments in the explanation of stock returns was analyzed too, in the same period of time. The tests of fixed effect regression and random effect regression for the samples with independent, adjusted and non-adjusted variables showed that the explanation power, measured by r-square, found in the tests, was very low. This result got closer to the results presented by Biddle et al, which did not allow clearly stating how much the economic value and accounting measures explain the stock returns. In the other hand, this result got far from the results presented by Silveira et al, which could prove that Brazilian market has some efficiency in its semistrong-form.

Made available in DSpace on 2016-04-25T16:44:44Z (GMT). No. of bitstreams: 1 Valeria Regina Bertoncelo.pdf: 1249074 bytes, checksum: 939a1d6a85060577b070230643de0c21 (MD5) Previous issue date: 2015-08-10 / Mergers and acquisitions (M&As) represent the possibility of creating shareholder value. The decisions for such investment size have different motivations, many justified on economic theories: the maximization of firm´s profits and management utility. The measurement of results of transactions with M&As, in short and long terms, was by the event study method and the Economic Value Added - EVA®, respectively. The industry segment analysis was financial institutions, especially banks with shares traded on the BOVESPA and total assets in excess of R$500 million. The specificity and the preponderance of financial institutions in the Brazilian economy reveal that 22 transactions of Mergers and Acqusitions (M&As) from the year 2003 to 2013 did not achieve, in the short term, cumulative abnormal returns that is statistically significant; on the other hand, the long-term performance, measured by EVA® in most of the studied cases, created shareholder value®. / As fusões e aquisições (F&As) representam a possibilidade de criação de valor para o acionista. As decisões, por tal porte de investimento, têm diferentes motivações, muitas, justificadas em duas teorias econômicas concorrentes: a maximização dos lucros da firma e da utilidade gerencial. A mensuração dos resultados das transações com F&As, em curto e longo prazos, foi pelo método de estudo de caso e pelo valor econômico agregado (Economic Value Added - EVA®), respectivamente. A análise do segmento da indústria foi instituições financeiras, especialmente os bancos com ações negociadas na BOVESPA e ativos totais de mais de R$500 milhões. A especificidade e a preponderância das instituições financeiras na economia brasileira revelam que 22 operações de fusões e aquisições (F&As) do período de 2003 a 2013 não obtiveram retornos anormais acumulados no curto prazo estatisticamente significativos; por outro lado, em longo prazo, o desempenho, medido pelo EVA®, na maioria dos casos estudados, gerou valor para o acionista

The goal of the thesis "Evaluation of the travel agency Expecta, s.r.o." is to determine the investment value of the company for the purpose of the future sale. Firstly the strategic analysis is applied, on which basis the future turnovers are estimated. Afterwards the company is analyzed from the financial point of view. The classical methods (ex. Horizontal and vertical analyses of the financial statements) and also analysis of EVA along with the diagnostic system of financial indicators "INFA" are used. The information arising from both analysisses serve as a basis for the construction of a planned profit and loss statement and a planned balance sheet. In the last part of this thesis the investment value of the firm is calculated by using a yield method based on the indicator EVA.

<p>The purpose of this thesis is to present an approach for good practice with regards to using cost benefit analysis (CBA) as a value-adding activity in the information security investment process for large enterprises. The approach is supported by empirical data.</p><p>From a MIO model perspective, this report is focused on the phase of strategic choices regarding organization, i.e. trying to find optimal investments for efficient operations. To assess, improve and monitor the operational effectiveness and management’s internal control environment is essential in today’s business execution. Executive management and boards are increasingly looking for an information security governance framework that encompasses information technology and information security: a single framework through which all information assets and activities within the organisation can be governed, to provide the optimum capability for meeting the organisation’s objectives, in terms of functionality and security.</p><p>The investment decision is one of the most visible and controversial key decisions in an enterprise. Some projects are approved, others are bounced, and the rest enter the organisational equivalent of suspended animation with the dreaded request from the decision makers to “redo the business case” or “provide more information.”</p><p>The concept of cost benefit analyses of information security helps management to make decisions on which initiatives to fund with how much, as there needs to be an approach for measuring and comparing different alternatives and how they meet business objectives of the enterprise. Non-financial metrics are identified using different approaches: governance effectiveness, risk analysis, business case analysis or game theory. The financial performance metrics are driven by the main value disciplines of an enterprise. These lead to the use of formulas enabling the measurement of asset utilisation, profit or growth: ROI (ROIC), NPV, IRR (MIRR), FCF, DCF, Payback Period, TCO, TBO, EVA, and ROSI.</p><p>The author shows research in the field of good corporate governance and the investment approval process, as well as case studies from two multinational enterprises. The case from Motorola demonstrates how IT governance principles are equally applicable to information security governance, while the case from Ericsson demonstrates how an information security investment decision can be supported by performing a cost benefit analysis using traditional marketing approaches of business case analysis (BCA) and standard financial calculations.</p><p>The suggested good practice presented in this thesis is summarised in four steps:</p><p>1. Understand main rationale for the security investment</p><p>2. Identify stakeholders and strategic goals</p><p>3. Perform Cost Benefit Analysis (non-financial and financial performance metrics)</p><p>4. Validate that the results are relevant to stakeholders and strategic goals</p><p>DISCLAIMER</p><p>This report is intended for academic training only and should not be used for any other purposes. The contents are not to be considered legal or otherwise professional advice. No liability is taken, whatsoever, by the author.</p>