Submitted by Espen Schie (schie.espen@gmail.com) on 2016-10-16T12:10:49Z No. of bitstreams: 1 2015-16_S2-26278-16-Espen_Schie FGV.pdf: 3207969 bytes, checksum: cbdb1bbe909765f1d984b14ff8673810 (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Espen, Unfortunately, your thesis is different from the guidelines that must be the FGV thesis. I will send to you by email the model for you to follow. All work must be done using the standards defined by ABNT or APA (American Psychology Association): http://bibliotecadigital.fgv.br/site/bkab/normalizacao. best. Ana Luiza Holme 37993492 on 2016-10-17T11:50:41Z (GMT) / Submitted by Espen Schie (schie.espen@gmail.com) on 2016-10-19T19:30:04Z No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3181725 bytes, checksum: 340993a2fe39d6fd701b7e2e6f30b164 (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Espen, The title of your thesis is different from the oficial document of your examining board. It can't be different, please change to the original title, below: SOVEREIGN WEALTH FUNDS' INVESTMENT IMPACT ON LISTED TARGET FIRMS Also the number of pages should appear only in the introduction but count from the cover. example introductio page 10 Best. Ana Luiza Holme 37993492 on 2016-10-19T19:36:19Z (GMT) / Submitted by Espen Schie (schie.espen@gmail.com) on 2016-10-19T20:43:46Z No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3181048 bytes, checksum: bc89d43276d78eef9b4ddfb0ce178087 (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Espen, The title of your thesis is a little bit different from the title send by Nova de Lisboa, it can't be different, because the oficial document from your examining board has to be the same as the post in the Biblioteca Digital. Could you please change to "SOVEREIGN WEALTH FUNDS' INVESTMENT IMPACT ON LISTED TARGET FIRMS" Warm regards. Ana Luiza Holme 37993492 on 2016-10-20T12:29:36Z (GMT) / Submitted by Espen Schie (schie.espen@gmail.com) on 2016-10-21T06:15:53Z No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3180995 bytes, checksum: c83f0592de725c5a2798d3968f68831d (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Espen, The title of your thesis is different from the official document from your examining board, it can't be different. and you can't change the title after the examining board. Please change the title to the title below, if the title below is incorrect please let me know by email. Title: SOVEREIGN WEALTH FUNDS' INVESTMENT IMPACT ON LISTED TARGET FIRMS Best. Ana Luiza Holme 37993492 on 2016-10-21T12:33:42Z (GMT) / Submitted by Espen Schie (schie.espen@gmail.com) on 2016-10-21T19:36:52Z No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3180826 bytes, checksum: b7715d967a8cc190a4fdc71eb15f0345 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-10-21T19:47:19Z (GMT) No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3180826 bytes, checksum: b7715d967a8cc190a4fdc71eb15f0345 (MD5) / Made available in DSpace on 2016-10-24T10:40:01Z (GMT). No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3180826 bytes, checksum: b7715d967a8cc190a4fdc71eb15f0345 (MD5) Previous issue date: 2016-10-29 / This is a study on the share price effect of Sovereign Wealth Funds (SWFs) investment announcements. The study examines the short- and the long-term impact of SWF investments on publicly traded companies, performed with an event study methodology to estimate the abnormal returns of the stock prices of the acquired firms around the dates when the announcements become publicly available. The announcements included in this study were made between 1990 and 2015. First, the results are compared to the level of transparency, as measured by the LTMI Index, to examine how the changes in stock prices react to the event. Then, the study presents six extensions with portfolios for IFSWF membership, SWF funding source, open market transactions and privately negotiated deals, domestic and foreign targets, deal value and acquired target stake. The results of the study provide empirical evidence of short-term significant cumulative abnormal returns and that SWFs with high transparency tend to generate more and positive cumulative abnormal returns, while SWFs with low transparency generate negative cumulative abnormal returns. Moreover, the long-term results suggest negative cumulative abnormal returns, though mostly insignificant, and show a tendency to mean revert. / Este é um estudo sobre o efeito do preço das ações sobre investimentos anúnciados pelos fundos soberanos (SWFs). O estudo examina o impacto a curto e a longo prazo dos investimentos dos fundos soberanos em empresas de capital aberto, através de estudo de evento para estimar os retornos anormais dos preços das ações das empresas adquiridas em torno das datas em que os anúncios são públicos. Os anúncios incluídos neste estudo foram feitos entre 1990 e 2015 sendo que, em primeiro lugar, os resultados são comparados com o nível de transparência, medida pelo índice de LTMI, de forma a analisar possíveis alterações nos preços das ações face ao anúncio. Posteriormente, o estudo apresenta seis extensões: portfólios da IFSWF, fonte de financiamento dos SWFs, com investimentos privados e públicos, investimentos em empresas nacionais e estrangeiras, valor do negócio e percentagem adquirida. Os resultados do estudo fornecem evidência empírica dos retornos anormais acumulados significativos a curto prazo e que, os fundos soberanos com elevada transparência, tendem a gerar maiores retornos anormais acumulados ao passo que os SWFs com menor transparência geram retornos anormais acumulados negativos. Além disso, os resultados a longo prazo sugerem retornos anormais cumulativos negativos, embora na sua maioria insignificantes, apresentando uma tendência da reversão da média.

Made available in DSpace on 2010-04-20T21:00:50Z (GMT). No. of bitstreams: 4 Michel Rapaport.pdf.jpg: 2177 bytes, checksum: cf2c0063d8a98ee6b0aae68e0dbbf0f4 (MD5) Michel Rapaport.pdf.txt: 131241 bytes, checksum: a4081728a9fba35e5c71ff48b4c9ce6b (MD5) license.txt: 4712 bytes, checksum: 4dea6f7333914d9740702a2deb2db217 (MD5) Michel Rapaport.pdf: 458868 bytes, checksum: d055978b1d866a6c6b2079dd412f3fe9 (MD5) Previous issue date: 2009-12-02T00:00:00Z / This paper examines the relationship between ownership structure and firm value, modeling the ownership structure as an endogenous and multi-dimensional variable. For this purpose, the model developed by Demsetz and Villalonga (2001) is applied to a sample of 192 firms listed in Bovespa between 2006 and 2008. The results show that firm value can affect the concentration of ownership structure, but not vice-versa. The evidence also indicate that, in Brazil, the ownership structure variable that has a (significant and negative) relationship with firm value is the potential for expropriation of minority shareholders by controlling shareholders, represented by the deviation between the concentration of control rights and concentration of cash flow rights. / Este estudo examina a relação entre estrutura de propriedade e valor das empresas, tratando a estrutura de propriedade de forma endógena e multi-dimensional. Para isso, o modelo desenvolvido por Demsetz e Villalonga (2001) é aplicado em uma amostra de 192 empresas listadas na Bovespa entre 2006 e 2008. Os resultados indicam que o valor da firma pode afetar a concentração da estrutura de propriedade, mas não vice-versa. As evidências obtidas também indicam que, no Brasil, a variável da estrutura de propriedade que influencia, de forma negativa, o valor das empresas é o potencial de expropriação dos acionistas minoritários pelos acionistas controladores, representada pelo desvio entre a concentração do direito de controle e a concentração do direito de fluxo de caixa.

Submitted by Cristiane Shirayama (cristiane.shirayama@fgv.br) on 2011-08-20T18:55:58Z No. of bitstreams: 1 DISSERT_BRUNO TSUJI.pdf: 271581 bytes, checksum: c54b3c9b8f0fe6fb7378bd6b4b42345f (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-08-22T12:08:47Z (GMT) No. of bitstreams: 1 DISSERT_BRUNO TSUJI.pdf: 271581 bytes, checksum: c54b3c9b8f0fe6fb7378bd6b4b42345f (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-08-22T12:14:49Z (GMT) No. of bitstreams: 1 DISSERT_BRUNO TSUJI.pdf: 271581 bytes, checksum: c54b3c9b8f0fe6fb7378bd6b4b42345f (MD5) / Made available in DSpace on 2011-08-22T12:20:32Z (GMT). No. of bitstreams: 1 DISSERT_BRUNO TSUJI.pdf: 271581 bytes, checksum: c54b3c9b8f0fe6fb7378bd6b4b42345f (MD5) Previous issue date: 2011-05-19 / Este trabalho examina a relação entre a volatilidade do fluxo de caixa operacional e o valor da firma, utilizando como amostra empresas brasileiras não financeiras listadas na Bolsa de Valores de São Paulo (Bovespa), no período de 2004 a 2007. O estudo aplica duas metodologias distintas para garantir a robustez dos resultados. Embora os resultados apontem que empresas com menor volatilidade do fluxo de caixa possuem maior valor, os valores encontrados não se mostram significativos. / This monograph examines the relationship between cash flow volatility and firm value, considering a sample composed by non-financial Brazilian companies listed in São Paulo Stock Exchange from 2004 to 2007. Two different econometric approaches are used in order to guarantee robust results. Although results suggest that companies with smaller cash flow volatility are more valued, the corresponding coefficients are not statistically significant.

Enterprise risk management (ERM) has emerged as a distinct model for managing a sophisticated portfolio of corporate risks. The purpose of this study was to determine the impact of ERM on firm value for companies on the Johannesburg Securities Exchange. The sample comprised forty-five firms from different industries over the period 2000-2016. Most studies used five or ten-year periods, using data derived from only one industry. Tobin’s Q was used as a proxy for firm value. Multivariate regression analysis was employed to determine statistical relationships. The findings indicate a significant correlation between ERM and Tobin’s Q, indicating that ERM significantly contributes to firm value. These findings may be used to develop and shape ERM policy frameworks for firms and countries. The study provides new insights, from an African emerging market context on the value effects of ERM. Larger and international samples may improve future studies. / Business Management / M. Com. (Business Management)

Submitted by Daphne Breyer (daphne@breyer.com.br) on 2018-10-13T14:41:49Z No. of bitstreams: 1 Daphne Breyer_Diversidade em Conselhos de Administração - Uma Análise da Realidade Brasileira_Versão Completa.pdf: 968049 bytes, checksum: 41f34796e7a4cbfeea095cd7ef57d267 (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2018-10-25T19:41:14Z (GMT) No. of bitstreams: 1 Daphne Breyer_Diversidade em Conselhos de Administração - Uma Análise da Realidade Brasileira_Versão Completa.pdf: 968049 bytes, checksum: 41f34796e7a4cbfeea095cd7ef57d267 (MD5) / Made available in DSpace on 2018-10-29T19:20:41Z (GMT). No. of bitstreams: 1 Daphne Breyer_Diversidade em Conselhos de Administração - Uma Análise da Realidade Brasileira_Versão Completa.pdf: 968049 bytes, checksum: 41f34796e7a4cbfeea095cd7ef57d267 (MD5) Previous issue date: 2018-10-05 / Este estudo constrói uma base de dados inédita para analisar se a diversidade de gênero em conselhos de administração no Brasil adicionou valor para o acionista no período entre 2010 e 2017. Como estratégia de mensuração regredimos os excessos dos retornos sobre o patrimônio líquido das empresas - excessos em relação ao retorno de mercado (ROE menos o retorno do Ibovespa) contra o percentual de mulheres no conselho de administração. Utilizamos o método dos mínimos quadrados com dados referentes às empresas de capital aberto listadas na bolsa brasileira (B3) que apresentaram liquidez em bolsa superior à 1%. Controlamos os resultados para heterogeneidade dos conselhos adicionando os seguintes regressores: idade dos conselheiros, tamanho e independência do conselho. Concluímos que existe uma relação positiva e estatisticamente significativa entre uma maior presença de mulheres em conselhos de administração e geração de valor nas empresas, quando a geração é mensurada pelo excesso do retorno sobre o patrimônio líquido em relação ao retorno médio de mercado / This study builds an unprecedented database to analyze whether gender diversity in boards of directors in Brazil added shareholder value in the period between 2010 and 2017. As a measurement strategy we regressed the excesses of returns on companies 'stockholders' equity - excesses in relation to the market return (ROE less Ibovespa's return) against the percentage of women on the board of directors. We used the least squares method with data referring to publicly traded companies listed on the Brazilian stock exchange (B3), which had liquidity on the stock exchange of more than 1%. We control the results for heterogeneity in boards by adding the following regressors: age of board members, size, and board independence. We conclude that there is a positive and statistically significant relationship between a greater presence of women in boards of directors and a greater generation of value in companies, when generation is measured by the excess of return on equity in relation to the average return of the market

Submitted by ALISSON YI CHIEN CHEN (alissonchen@yahoo.com) on 2012-06-16T02:29:58Z No. of bitstreams: 1 Dissertação Alisson Chen Yi Chien.pdf: 651264 bytes, checksum: 7c07dd05427239f9c2811c19a5dcd894 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2012-06-18T16:22:07Z (GMT) No. of bitstreams: 1 Dissertação Alisson Chen Yi Chien.pdf: 651264 bytes, checksum: 7c07dd05427239f9c2811c19a5dcd894 (MD5) / Made available in DSpace on 2012-06-25T17:23:47Z (GMT). No. of bitstreams: 1 Dissertação Alisson Chen Yi Chien.pdf: 651264 bytes, checksum: 7c07dd05427239f9c2811c19a5dcd894 (MD5) Previous issue date: 2012-05-21 / The aim of this study is to identify the relationship between firm value and performance and executive remuneration. In general, the literature suggests that firms with executive higher remuneration tend to have better value and performance in comparison with companies with lower remuneration. We analyze a unique Brazilian database to test this hypothesis. The analysis of 420 Brazilian companies from 2002 to 2009 indicates a positive and significant relation between executive remuneration and firm value (price-to-book), suggesting that companies that pay better executive remuneration have higher value. On the other hand, there is no significant relation between executive remuneration and operational performance (ROA and sales growth). / Este trabalho tem como objetivo identificar se a remuneração dos executivos afeta o valor e desempenho das empresas. Em geral, a literatura sugere que companhias que melhor remuneram seus administradores tendem a apresentar um valor e desempenho superior. Utilizando dados inéditos no Brasil, este trabalho procura testar essa hipótese. A análise de 420 companhias abertas brasileiras no período de 2002 a 2009 indica que existe uma relação positiva e significativa entre remuneração executiva e valor da empresa (price-to-book), ou seja, empresas que pagam mais a seus executivos possuem maior valor de mercado. Por outro lado, não existe evidência significativa que empresas que melhor remuneram seus executivos apresentam um melhor desempenho operacional (retorno sobre ativos e crescimento de vendas).

Submitted by Helena Rangel Margem (margem.helena@gmail.com) on 2013-08-26T17:38:51Z No. of bitstreams: 1 Dissertacao Helena Margem.pdf: 1042485 bytes, checksum: 4117a61ba602b30ede1bb17c42260355 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2013-08-26T17:40:16Z (GMT) No. of bitstreams: 1 Dissertacao Helena Margem.pdf: 1042485 bytes, checksum: 4117a61ba602b30ede1bb17c42260355 (MD5) / Made available in DSpace on 2013-08-27T12:24:31Z (GMT). No. of bitstreams: 1 Dissertacao Helena Margem.pdf: 1042485 bytes, checksum: 4117a61ba602b30ede1bb17c42260355 (MD5) Previous issue date: 2013-05-28 / This study analyzes if the presence of women on boards of directors and in executive positions generate impact on firm value and performance. In general, the literature suggests that female participation on boards of directors and in executive positions tend to generate higher v alue and performance. Th is work is the first to study the female influence on firm value and performance in Brazil. The analysis of 658 publicly traded companies from 2002 to 2009 indicate s that the relationship between firm value and th e presence of women in senior management and on boards is not statistically significant . However, there is a negative relationship between operational performance and presence of women on the board of directors. / Este trabalho tem como objetivo identificar se a presença de mulheres no conselho de administração e diretoria gera impacto no valor e desempenho das empresas brasileiras de capital aberto. Em geral, a literatura sugere que a participação feminina no conselho de administração e em cargos de diretoria tende a gerar valor e desempenho superior. Este trabalho realiza um estudo inédito no Brasil, analisando 658 empresas de capital aberto no período de 2002 a 2009. Os resultados indicam que não existe uma relação estatisticamente significativa entre presença de mulheres no conselho de administração e em cargos de diretoria para o valor das empresas, mas existe uma relação negativa entre presença de mulheres no conselho e desempenho das empresas.

Forward-looking financial disclosure (FLFD) is potentially uninformative if it does not change from the previous year, especially after a significant change in firm performance. This study uses a sample of UK narrative statements of the annual reports over the period from 2005 to 2011. It employed the automated content analysis technique to measure change in FLFD over years to answer three research questions. First, to what extent does change in firms’ earnings performance drive managers to change FLFD over years? Second, what are the other drivers of the change of FLFD from year to year? Third, do investors use information revealed by the change in FLFD? The study finds a positive association between change in FLFD and change in firm earnings performance. However, it finds weak evidence that firms with larger changes in their earnings performance are likely to change their FLFD more than those with smaller performance changes. In addition, when we distinguish between well-performing and poorly performing firms, it finds that the change in FLFD is more positively associated with poorly performing firms compared to well-performing firms. Furthermore, it finds that change in FLFD is positively (negatively) associated with firm size, (competitive environment), (litigious environment), and (percentage of managerial ownership). In addition, the role of the auditor in overseeing narrative reporting is not appearing for all sample firms or for well-performing firms, however, it is observable only in poorly performing firms. Finally, the study uses firm value three months after the release of the annual report to examine investors’ responses to the changes in FLFD. It finds that the value of a firm decreases as long as it changes its FLFD from the previous year. However, when we distinguish between well and poorly performing firms, it finds that the change in FLFD has no effect on the value of well-performing firms, while, it negatively affects poorly performing firms. The results suggest that FLFD in UK narratives includes some content about firm performance. However, it neither affects the value of well-performing firms nor enhances investors’ valuation of poorly performing firms.

The aim of this thesis is to determine the value of the company Technicky skusobny ustav based in Piešťany. The first part of the work deals with the theoretical basis for the evaluation of the company, there are described the reasons why to evaluate companies, and further process to apply for the valuation. The following is a description of selected parts of the strategic and financial analysis, financial plan and evaluation methods. Furthermore, there will be presented the chosen company and subsequently evaluated according to methods in the theoretical part. For determining the value of the company there were used discounted free cash flow method and economic value added method. In the conclusion specific evaluation methods are applied and statement stated about the value of the company dated to 31.12.2015.

In this thesis, we explore the proprietary Environmental, Social and Corporate Governance (ESG) scores and analyze their impacts on firm valuation using the sample of 166 companies operating in 35 emerging and frontier markets. Three methods of ESG scores, Principal Component Analysis and regression analysis are used. The results indicate an economically significant relationship between the overall ESG measure and firm value mainly driven by the “Environmental” and “Capital allocation” sub-scores. An exploratory principal component analysis and an extensive list of firm characteristics is also employed in our regression analysis to address problems identified in previous studies - construct validity and endogeneity. The PCA revealed dominance of Environmental and Social components in the variance of the total ESG score. Finally, the strengths and weaknesses of proprietary ESG score and PCAderived index are recognized based on sector- and region level comparison and the opportunities to improve the ESG scorecard framework are identified. / In den uppsatsen, forskning går på Environmental, Social and Corporate Governance (ESG) poäng och analyserar deras påverkan på företagsvärdering genom att använda ett urval av 166 företag som verkar i 35 frontier och tillväxtmarknader. Tre metoder av ESG mätning, Principal Component Analysis och regressionsanalyser tillämpades. Resultat tyder på ett ekonomiskt signifikant förhållande mellan totala ESG mätning och företagsvärdering vilket drivs av miljö och kapitalallokering delpoäng. Principalkomponentanalys och en utförlig lista av företagsegenskaper tillämpades också i våra regressionsanalyser för att adressera problem identifierade i tidigare studier - begreppsvaliditet och endogenitetsproblem. PCA tydde på dominans av miljöoch sociala aspekter i varians av den totala ESG poängen. Avslutningsvis, styrkor och svagheter av ESG-poäng och PCA-härlett index baserat på bransch- samt regionaljämförelser och möjligheterna för förbättring av ESG-mätning ramverk identifierades.