Este trabalho remete seus esforços para uma investigação que indaga a possibilidade de autenticidade do fenômeno jurídico no público. O método, concebido no sentido de caminho, é trilhado a partir da analítica fundamental de Martin Heidegger, e da hermenêutica compreensiva de Hans-Georg Gadamer percebida sob o viés da via fenomenológica de investigação. O jurídico é constitutivo do ser humano existente, Dasein. Desse modo, o trabalho procura discutir o fenômeno jurídico, sua condição de autenticidade, o modo de ser tradicional do ente humano existente e a mundanidade que o constitui, sob a luz da filosofia heideggeriana do ser. Dasein é ontológico, reconhece esta existência e é interrogado quanto a ela. Dasein pode se mostrar como é, em sua autenticidade e propriedade, mas também pode ocultar-se de diversos modos. O impessoal, modo de ser preponderante do Dasein na cotidianidade, promove a dispersão do Dasein em seu ser-no-mundo, mediano e afastado e, determinado pela publicidade, obscurece o Dasein em sua propriedade. Assim considerando uma investigação do contexto em que se deu a emersão da analítica do ser tornou-se essencial. Uma vez lançadas as bases do pensamento heideggeriano e investigada a analítica fundamental, o modo de ser do direito que se conserva e se repete e que é ditado pela publicidade passa a ser questionado e a compreensão da juridicidade do Dasein no mundo circundante público abre possibilidades para o projeto autêntico na preocupação com o social. / The present work addresses its efforts on the inquisition of the possibility of authenticity in the legal phenomenon as perceived in the public. The method, conceived as a path, follows Martin Heideggers fundamental analytics, and Hans-Georg Gadamer´s comprehensive hermeneutics perceived phenomenologically. The legal phenomenon constitutes the Being that ex-ists, Dasein. Therefore, this study seeks to discuss the legal phenomenon, its Beingones-self condition, the everyday Being-with and its constitutive worldhood in the light of Heideggers philosophy of Being. Dasein is ontological, recognizes this existence and is questioned about it. Dasein can show itself as it is, in its authenticity and constitution, but it can also cloak its appearance in various modes. The They, the preponderant Dasein mode in its everydayness, promotes dispersion of the Dasein in its being-in-the world, making it detached and, keeps its authenticity obscured by publicity. Thus, it is essential to investigate Heideggers analytical thoughts in context. Once Heideggers basic thoughts have been studied and his fundamental analytics have been analized, the way of being of the law, maintained, repeated and dictated by publicity, begins to be questioned and the understanding Dasein´s legal phenomenon of the public world provides possibilities for an authentic project in its social concern.

The aim of the thesis is analysing and evaluating the situation in each region through macroeconomical factors. First chapter is focused on Europe. The most interesting part of this chapter is the fiscal policy. Second chapter provides insight to fascinating Asia and its huge rise in recent past. Third chapter provides analysis of development of interesting economical values in America. Last fourth chapter includes econometrical analysis of relationships between time series of macroeconomical values and stock prices of representative bank shares from all regions enriched by equations for forecasting of future stock prices.

The thesis deals with valuation of shares of financial service institutions. This process is specific due to the characteristics by which financial service institutions differ from non financial service institutions. The thesis focuses on these characteristics and on the methods of fundamental analysis suitable for valuation of shares of financial service institutions. The aim of the thesis is valuation of the Erste Group's share considering selected international, macroeconomic, sectoral and corporate factors and determination of an investment advice. The thesis focuses on financial service institutions of the EU and financial markets at which they are present. The analysis of interdependence of financial markets of the EU is done in the thesis.

Este trabalho remete seus esforços para uma investigação que indaga a possibilidade de autenticidade do fenômeno jurídico no público. O método, concebido no sentido de caminho, é trilhado a partir da analítica fundamental de Martin Heidegger, e da hermenêutica compreensiva de Hans-Georg Gadamer percebida sob o viés da via fenomenológica de investigação. O jurídico é constitutivo do ser humano existente, Dasein. Desse modo, o trabalho procura discutir o fenômeno jurídico, sua condição de autenticidade, o modo de ser tradicional do ente humano existente e a mundanidade que o constitui, sob a luz da filosofia heideggeriana do ser. Dasein é ontológico, reconhece esta existência e é interrogado quanto a ela. Dasein pode se mostrar como é, em sua autenticidade e propriedade, mas também pode ocultar-se de diversos modos. O impessoal, modo de ser preponderante do Dasein na cotidianidade, promove a dispersão do Dasein em seu ser-no-mundo, mediano e afastado e, determinado pela publicidade, obscurece o Dasein em sua propriedade. Assim considerando uma investigação do contexto em que se deu a emersão da analítica do ser tornou-se essencial. Uma vez lançadas as bases do pensamento heideggeriano e investigada a analítica fundamental, o modo de ser do direito que se conserva e se repete e que é ditado pela publicidade passa a ser questionado e a compreensão da juridicidade do Dasein no mundo circundante público abre possibilidades para o projeto autêntico na preocupação com o social. / The present work addresses its efforts on the inquisition of the possibility of authenticity in the legal phenomenon as perceived in the public. The method, conceived as a path, follows Martin Heideggers fundamental analytics, and Hans-Georg Gadamer´s comprehensive hermeneutics perceived phenomenologically. The legal phenomenon constitutes the Being that ex-ists, Dasein. Therefore, this study seeks to discuss the legal phenomenon, its Beingones-self condition, the everyday Being-with and its constitutive worldhood in the light of Heideggers philosophy of Being. Dasein is ontological, recognizes this existence and is questioned about it. Dasein can show itself as it is, in its authenticity and constitution, but it can also cloak its appearance in various modes. The They, the preponderant Dasein mode in its everydayness, promotes dispersion of the Dasein in its being-in-the world, making it detached and, keeps its authenticity obscured by publicity. Thus, it is essential to investigate Heideggers analytical thoughts in context. Once Heideggers basic thoughts have been studied and his fundamental analytics have been analized, the way of being of the law, maintained, repeated and dictated by publicity, begins to be questioned and the understanding Dasein´s legal phenomenon of the public world provides possibilities for an authentic project in its social concern.

<p>Fundamental analysts use basic fundamentals, which generally based on available public information, to determine a firm’s intrinsic value. Forecasting future performance is one of the key elements for doing fundamental analysis, and historical results are the foundation for future forecast.</p><p>The analysis of this study is conducted into two sections with case studies in the airline business. Firstly, financial ratios are analyzed to examine whether low-cost or traditional airlines better perform their operations during a certain period. The other section is undertaking fundamental analysis of the case studies to evaluate current stock prices of representative airlines based on the potential future forecast. The model using for this valuation is the Residual Earnings Model. Key assumptions of future forecasts are mainly based on their historical ratios. Other related factor such as the gross domestic product (GDP) is included in forecasting sales growth rate because it is one of the key influences in the airline business.</p><p>For ratio analysis, the findings suggest that low-cost airlines perform better operations based on five years average. However, the traditional airlines improve their performances significantly in the latest fiscal year. For equity valuation, the findings show that estimates of equity values of the airlines yield inconsistent results comparing to their stock prices. Possible reasons of the difference might be the improvement in key financial ratios of the airlines.</p>

<p>This paper investigates whether the traditional accrual based trading strategy first documented by Sloan (1996) can be refined using fundamental analysis. Specifically, this is done by implementing the composite signal F_SCORE introduced by Piotroski (2000) to identify financially strong or weak firms. We find that by applying both investment models simultaneously, in a model we call P_KOMB, the mean market-adjusted return earned by an investor exploiting the accrual anomaly can be increased by 14.8% annually. This is achieved by taking a long position in strong firms (as defined by the composite signal) in the lowest accrual portfolio, while an offsetting short position is taken in weak firms in the highest accrual portfolio, repeated annually between 1997 and 2007. Consistent with prior studies, positive market-adjusted returns can be attained through assessment of accruals as well as key value drivers found in historical financial data. Moreover, our results indicate that accruals are a more powerful determinant for future return than the fundamentals in the composite signal. The evidence suggests, however, that the accrual anomaly is best exploited in combination with the fundamental signals to maximise returns.</p>

<p>This study aims to evaluate the value relevance of Piotroski’s (2000) nine fundamental signals. In order to do this, the signals are tested on the OMX Nordic Exchange Stockholm between the years 2003 and 2009. The hypotheses of the study are whether the signals are value relevant and if the value relevance has changed. To test this, a Chi-square test and a regression are used. The tests show that some signals are value relevant, and that some are not. We also find evidence for a change in the value relevance during the years of the observation. Some explanations to why the value relevance has changed is also discussed.<em></em></p>

This paper investigates whether the traditional accrual based trading strategy first documented by Sloan (1996) can be refined using fundamental analysis. Specifically, this is done by implementing the composite signal F_SCORE introduced by Piotroski (2000) to identify financially strong or weak firms. We find that by applying both investment models simultaneously, in a model we call P_KOMB, the mean market-adjusted return earned by an investor exploiting the accrual anomaly can be increased by 14.8% annually. This is achieved by taking a long position in strong firms (as defined by the composite signal) in the lowest accrual portfolio, while an offsetting short position is taken in weak firms in the highest accrual portfolio, repeated annually between 1997 and 2007. Consistent with prior studies, positive market-adjusted returns can be attained through assessment of accruals as well as key value drivers found in historical financial data. Moreover, our results indicate that accruals are a more powerful determinant for future return than the fundamentals in the composite signal. The evidence suggests, however, that the accrual anomaly is best exploited in combination with the fundamental signals to maximise returns.

This study aims to evaluate the value relevance of Piotroski’s (2000) nine fundamental signals. In order to do this, the signals are tested on the OMX Nordic Exchange Stockholm between the years 2003 and 2009. The hypotheses of the study are whether the signals are value relevant and if the value relevance has changed. To test this, a Chi-square test and a regression are used. The tests show that some signals are value relevant, and that some are not. We also find evidence for a change in the value relevance during the years of the observation. Some explanations to why the value relevance has changed is also discussed.

Fundamental analysts use basic fundamentals, which generally based on available public information, to determine a firm’s intrinsic value. Forecasting future performance is one of the key elements for doing fundamental analysis, and historical results are the foundation for future forecast. The analysis of this study is conducted into two sections with case studies in the airline business. Firstly, financial ratios are analyzed to examine whether low-cost or traditional airlines better perform their operations during a certain period. The other section is undertaking fundamental analysis of the case studies to evaluate current stock prices of representative airlines based on the potential future forecast. The model using for this valuation is the Residual Earnings Model. Key assumptions of future forecasts are mainly based on their historical ratios. Other related factor such as the gross domestic product (GDP) is included in forecasting sales growth rate because it is one of the key influences in the airline business. For ratio analysis, the findings suggest that low-cost airlines perform better operations based on five years average. However, the traditional airlines improve their performances significantly in the latest fiscal year. For equity valuation, the findings show that estimates of equity values of the airlines yield inconsistent results comparing to their stock prices. Possible reasons of the difference might be the improvement in key financial ratios of the airlines.