Diss. Lund : Univ., 2004.

Cloud computing at a high level comprises of the availability of hardware, software and technical support via a network protocol to a remote client on a pay-per-use basis. Businesses using Cloud resources has been increasing steadily in the very recent past and the number of Cloud service providers (CSP) are increasing as well. The challenges that characterize a Cloud data center include: on-demand service, elasticity, resources pooling, broad network access, service meters. As the customer base is in creasing and their resource requirement and usage pattern has been becoming highly volatile, proper utilization of the resources and generating revenue by appropriately charging the clients for their uses has become an even more challenging research problem. In other words, Cloud resource pricing has emerged as an important and pressing problem to study for ever increasing utility of Cloud computing. Literature review reveals that there are economy-based models (cash flow, net present value etc.) used for charging mechanism suggested by many researchers. Most of these models are rigid that they are not build with the core of Cloud - elasticity in mind. Also, the economic models do not provide flexibility of the economy of scale to either increase or decrease the resource requirement and appropriately charge for such increase or decrease in resource use. For my thesis, I have designed and developed a Cloud resources pricing model that satisfies two important constraints: the dynamic ability of the model to provide a high satisfaction guarantee measured as Quality of Service (QoS) - from users perspectives, and profitability constraints - from the Cloud service providers perspectives. I have employed financial option theory and treated the Cloud resources as underlying assets to capture the realistic value of the Cloud Compute Commodities (C3). I have priced the Cloud resources using my model. Through this research, I show that the Cloud parameters can be mapped to financial economic model and that this model can be effectively implemented for resource pricing purpose. I discuss the results of pricing Cloud Compute Commodities (C3) for various input parameters, such as the age of the resource and quality of service. / February 2016

Purpose: The purpose of this thesis is to investigate the applicability of the Free Cash Flow to Equity Model and the Dividend Discount Model on ten large cap firms on the Stockholm Stock Exchange. Moreover the author intends to examine whether these valuation methods differs in regards of the companies’ operational segment, business cycle and turnover. The target prices will hereafter be benchmarked with actual closing prices and professional analysts to observe similarities and deviations. Method: The focus lies on Swedish companies listed on Nasdaq OMX Stockholm’s Large Cap list. The companies are valued by collecting financial information from 2006- 2010 in order to find out what the share price in the beginning of 2011 should be. The models that are used to value the share are the Dividend Discount Model, which basically discounts actual dividends in order to find the present value of the share, and the Free Cash Flow to Equity model, which is discounting the firms’ cash flow available to its stockholders, i.e. the potential dividends. Since both of the valuation models require assumptions on future growth to be made, a combination of calculations and goals presented by the companies has been made in order to assume growth rates. Findings: The findings reveal that out of the twenty valuations that were made half of the most accurate ones came from the Dividend Discount Model, and half came from the Free Cash Flow to Equity model. It was however the Dividend Discount Model that provided the most accurate share prices, in comparison to the actual share prices from January 2011. It is also concluded that the turnover of the firm being evaluated does not have an impact on the valuation process, whilst the industry in which the firm operates as well as its payout ratio are factors that need to be taken into consideration when choosing between the Dividend Discount Model and the Free Cash Flow to Equity model.

Yee Cheng Loon’s dissertation abstract Model uncertainty exists in the mutual fund literature. Researchers employ a variety of models to estimate risk-adjusted return, suggesting a lack of consensus as to which model is correct. Model uncertainty makes it difficult to draw clear inference about mutual fund performance persistence. We explicitly account for model uncertainty by using Bayesian model averaging techniques to estimate a fund’s risk-adjusted return. Our approach produces the Bayesian model averaged (BMA) alpha, which is a weighted combination of alphas from individual models. Using BMA alphas, we find evidence of performance persistence in a large sample of US equity, bond and balanced mutual funds. Funds with high BMA alphas subsequently generate higher risk-adjusted returns than funds with low BMA alphas, and the magnitude of outperformance is economically and statistically significant. We also find that mutual fund investors respond to the information content of BMA alphas. High BMA alpha funds receive subsequent cash inflows while low BMA alpha funds experience subsequent cash outflows.

Wind farm operators utilize various financial agreements to generate revenue and mitigate risk. These agreements are often based on some estimate of the energy production from the wind farm. A power purchase agreement (PPAs), which is a long-term fixed volume fixed price arrangement, was the most common type of agreement for much of the growth of wind energy in the U.S. Recently, wind turbine power production estimations are relying less on fixed production volumes and PPAs as the basis for energy estimation in financial agreements and more on proxy generation, or an estimate of what the wind farm should make given a set of inflow conditions. These newer types of financial agreements are shifting the focus to when power is produced rather than just how much, and so it is imperative to understand and analyze the errors arising in proxy generation and how it may impact the financial agreements that use proxy generation. This work quantifies the errors in proxy generation and compares two methods of estimating power production, examining the financial impacts of both, for one wind project. These two methods are the nacelle transfer function (NTF) method and the reanalysis data method, which may be used if onsite data is unavailable. The different methods of estimating power production have varying impacts on the financial outcome of the project. Errors in power production estimates that coincide with large price events can result in significant financial impacts for the wind project, and this is more likely to occur with the reanalysis method compared to the NTF method. The results show that the Nacelle Transfer Function (NTF) method of estimating power production via onsite measurements has much less risk of being impacted by a price excursion than the reanalysis data method.

Actualmente el Estado Peruano a través de PROINVERSION promueven las Asociaciones Publico Privadas (APP) para la ejecución de proyectos con el apoyo del sector privado. Estos tipos de proyectos son promovidos en el sector privado a través de Iniciativas Privadas Autofinanciadas (IPA) o Iniciativas Privadas Cofinanciadas (IPC). Asimismo, para ser ejecutadas correctamente y además sean atractivas para el sector privado deben contar con un eficiente modelo de financiamiento; en el caso de las APP contamos con: Pago por disponibilidad y Pago por hitos. Es por estas iniciativas privadas, que este año el Estado Peruano ha adjudicado la buena pro del proyecto PTAR TITICACA. Este proyecto es un sistema para tratar las aguas residuales antes que lleguen al Lago Titicaca y lo contaminen. El consorcio FYPASA ha ganado el concurso y operará Plantas de Tratamiento de Aguas Residuales en 10 provincias que están alrededor del Lago. Este proyecto ha tenido como condición en licitación que el mecanismo de pago sea pago por hitos, por ello, esta investigación busca realizar la comparación de ambos tipos de mecanismos de pago con la finalidad de conocer los resultados para ambos casos y que beneficios presentan para el sector privado. / Currently, the Peruvian State through PROINVERSION promotes Public Private Partnership (PPPs) for the execution of projects with the support of the private sector. These types of projects are promoted in the private sector through Self-Financed Private Initiatives (IPA) or Co-Financed Private Initiatives (IPC). Also, to be executed correctly and also be attractive to the private sector, they must have an efficient financing model; in the case of PPPs we have: Availability Payments and Milestone Payments. It is for these private initiatives; the current year the Peruvian State has approved PTAR TITICACA project. This project is a system to treat wastewater before it reaches Lake Titicaca and contaminate it. The FYPASA consortium has won the contest and will operate Wastewater Treatment Plants in 10 provinces that are around the Lake. This project has had as a condition in tender that the payment mechanism is Milestones Payments, therefore, this research seeks to make the comparison of both types of payment mechanisms in order to know the results for both cases and what benefits they present for the private sector. / Trabajo de investigación

A presente pesquisa foi desenvolvida com o objetivo de avaliar o grau de acurácia dos modelos de avaliação baseado em informações contábeis e do preço-alvo indicado pelos analistas de mercado, quando comparados ao valor real da ação. Somado a este objetivo, o estudo busca verificar, via aplicação de questionário, a importância dos modelos de apreçamento contábeis e da contabilidade sob a ótica dos acadêmicos e dos analistas de mercado que atuam no Brasil. Para chegar às conclusões do trabalho, foram utilizadas abordagens qualitativas, através do envio de questionários a acadêmicos e analistas de mercado, e uma análise quantitativa que, por meio de testes estatísticos, buscou verificar qual dos resultados, dentre o indicado pelo Modelo de apreçamento contábil Ohlson-Juettner (OJ) e o fornecido pelos analistas de mercado, ficou mais próximo ao valor real da ação. Para a análise qualitativa, a amostra do estudo compreendeu alunos dos cursos de graduação e pós-graduação das áreas correlatas às finanças, e analistas de mercado que cobrem as empresas brasileiras listadas na Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM&FBOVESPA). Na parte quantitativa, a amostra continha as empresas listadas no Índice Brasil (IBrX), com o banco de dados formado por informações financeiras no período de 2004 a 2011. Os resultados da pesquisa qualitativa indicaram conformidade entre os dois questionários de que os modelos de avaliação baseados em informações contábeis poderiam ser mais utilizados pelo mercado financeiro, assim como as áreas do conhecimento mais importantes para a formação do preço da ação são a administração, contabilidade e economia. Os testes estatísticos mostraram uma maior similaridade entre o valor da ação e o modelo de precificação contábil OJ quando comparado ao preço-alvo indicado pelos analistas de mercado, o que corrobora a opinião dos respondentes dos questionários de que os modelos de avaliação baseados em informações contábeis poderiam ser mais utilizados no mercado de capitais. / This research was developed to evaluate the degree of accuracy of accounting based valuation models and target price indicated by market analysts as compared to the actual value of the action. Added to this goal by questionnaire to verify the importance of accounting pricing models and accounting from the perspective of academics and analysts who work in Brazil. To reach the conclusions of the study, we used qualitative approaches, by sending questionnaires to academics and market analysts and quantitative analysis, which by statistical tests aimed to verify which of the results from the accounting based valuation model Ohlson-Juettner (OJ) or the results provided by market analysts was closer to the actual value of the action. The study sample for the qualitative part consisted of undergraduate students and graduate of the areas related to finance and market analysts covering Brazilian companies listed on the Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM&FBOVESPA). In the quantitative part of the sample contained in Índice Brasil (IbrX) listed companies, the database consists of financial information for the period 2004 to 2011.The results of qualitative research indicated consistency between the two questionnaires that accounting based valuation models could be mostly used by financial markets as well as areas of knowledge most important for the formation of the share price are the administration, accounting and economics. Statistical tests showed a greater similarity between the stock price and accounting OJ pricing model when compared to the target price indicated by market analysts, which corroborates the opinion of the respondents that the accounting models could be used more in the capital markets.

A large body of literature has explored that investor sentiment and customer satisfaction have been viewed as important metrics to evaluate asset prices, little attention has been paid to whether investor sentiment influence the impact of customer satisfaction on stock returns. This paper examines whether customer-based portfolios can create abnormal returns by employing different risk-adjusted models in different sentiment states. This study finds that portfolio composed of firms with better customer satisfaction can continuously beat the benchmark index and create abnormal returns when adopting different risk-adjusted models. Furthermore, portfolio with better customer satisfaction can significantly outperform the market even in pessimistic and neutral investor sentiment state. This is because of higher CS firms can create stable business cash flows, alleviate customer complaints and strengthen customer loyalty, which will create insurance-like protection for firms in pessimistic investor state, which results in significant abnormal returns even in pessimistic investor state. These results suggest that customer-based metrics are valuable information that should be included in financial models.

A presente pesquisa foi desenvolvida com o objetivo de avaliar o grau de acurácia dos modelos de avaliação baseado em informações contábeis e do preço-alvo indicado pelos analistas de mercado, quando comparados ao valor real da ação. Somado a este objetivo, o estudo busca verificar, via aplicação de questionário, a importância dos modelos de apreçamento contábeis e da contabilidade sob a ótica dos acadêmicos e dos analistas de mercado que atuam no Brasil. Para chegar às conclusões do trabalho, foram utilizadas abordagens qualitativas, através do envio de questionários a acadêmicos e analistas de mercado, e uma análise quantitativa que, por meio de testes estatísticos, buscou verificar qual dos resultados, dentre o indicado pelo Modelo de apreçamento contábil Ohlson-Juettner (OJ) e o fornecido pelos analistas de mercado, ficou mais próximo ao valor real da ação. Para a análise qualitativa, a amostra do estudo compreendeu alunos dos cursos de graduação e pós-graduação das áreas correlatas às finanças, e analistas de mercado que cobrem as empresas brasileiras listadas na Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM&FBOVESPA). Na parte quantitativa, a amostra continha as empresas listadas no Índice Brasil (IBrX), com o banco de dados formado por informações financeiras no período de 2004 a 2011. Os resultados da pesquisa qualitativa indicaram conformidade entre os dois questionários de que os modelos de avaliação baseados em informações contábeis poderiam ser mais utilizados pelo mercado financeiro, assim como as áreas do conhecimento mais importantes para a formação do preço da ação são a administração, contabilidade e economia. Os testes estatísticos mostraram uma maior similaridade entre o valor da ação e o modelo de precificação contábil OJ quando comparado ao preço-alvo indicado pelos analistas de mercado, o que corrobora a opinião dos respondentes dos questionários de que os modelos de avaliação baseados em informações contábeis poderiam ser mais utilizados no mercado de capitais. / This research was developed to evaluate the degree of accuracy of accounting based valuation models and target price indicated by market analysts as compared to the actual value of the action. Added to this goal by questionnaire to verify the importance of accounting pricing models and accounting from the perspective of academics and analysts who work in Brazil. To reach the conclusions of the study, we used qualitative approaches, by sending questionnaires to academics and market analysts and quantitative analysis, which by statistical tests aimed to verify which of the results from the accounting based valuation model Ohlson-Juettner (OJ) or the results provided by market analysts was closer to the actual value of the action. The study sample for the qualitative part consisted of undergraduate students and graduate of the areas related to finance and market analysts covering Brazilian companies listed on the Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM&FBOVESPA). In the quantitative part of the sample contained in Índice Brasil (IbrX) listed companies, the database consists of financial information for the period 2004 to 2011.The results of qualitative research indicated consistency between the two questionnaires that accounting based valuation models could be mostly used by financial markets as well as areas of knowledge most important for the formation of the share price are the administration, accounting and economics. Statistical tests showed a greater similarity between the stock price and accounting OJ pricing model when compared to the target price indicated by market analysts, which corroborates the opinion of the respondents that the accounting models could be used more in the capital markets.

At the beginning of the 1970s, the industrial countries accounted for about 80%of world oil consumption. Today, they are down tolittle more than 50%. Already, China uses more totalprimary energy than United States.  Developing countries are in the process ofconsuming a substantial amount of energydue to alarming growth, industrialization, urbanization etc. With a tight and volatile oil market, combined with sharply risingconsumption in emerging countries there is renownedconcerns about energy security. Various models are beingimplemented in these countries with the help ofdonors and local governments toenhance the use of renewable energy fora sustainable development. Use of renewable energy for rural electrificationhas not progressed as anticipated regardless of provisions of subsidies &other measurers by governments. InSri Lanka, the primary energy contributions in 2009 to nationalenergy supply were 51% from biomass, 44.8% from crude oil and petroleumproducts, and 3.6% from hydroelectricity and other renewable sources. The useof non-conventional energy resources, NCRE, (small-scale hydropower, biomass,biogas and waste, solar power and wind power) in Sri Lanka is of a relativelysmaller scale (<1%) and therefore its contribution is presently of lowsignificance in the macro energy picture. Regardless, the energy policydocument of the government of Sri Lanka has set a target to reach a minimumlevel of 10% of electrical energy supplied to the grid to be from non-conventionalrenewable energy in 2015. Inthis context, this study attempts to analyse the strengths and weaknesses ofthe existing financial and institutional models for renewable energydissemination for rural electrification in Sri Lanka and to recommend possiblemeasures needed for better financial and institutional models. In addition to aliterature survey, a questionnaire survey was carried out with power producers,financial institutions and government and non-government organizations in therenewable energy business to obtain their perception for better analysis.