Desde a onda de abertura de capital ocorrida com o setor de real estate brasileiro entre 2006 e 2007, a discussão em como identificar por meio de informações disponíveis ao público o valor das empresas que compõem esse importante setor se intensificou tanto entre seus gestores como nos analistas do mercado de capitais. Os modelos tradicionais de avaliação de empresas se mostraram inadequados e necessitam de adaptações para serem utilizados em empresas do setor, bem como a identificação e caracterização dos direcionadores de valor. Esta tese tem como objetivo desenvolver uma rotina de avaliação de empresas de Real Estate e sua relação com os direcionadores de valor, intangíveis ou tangíveis, identificando quais são os ativos que possuem maior influência na geração do valor e o porquê dessa influência, possibilitando aos investidores e analistas avaliar melhor o valor de empresas do setor. A partir de uma revisão bibliográfica em conjunto com a análise dos prospectos de abertura de capital e das demonstrações financeiras disponibilizadas ao público, foi proposta uma taxonomia para medir o valor das empresas de real estate em quatro dimensões: capital de propriedade, capital humano, capital de mercado e capital relacional. Em cada dimensão foram mapeados os ativos tangíveis e intangíveis que as formam e estes relacionados à geração de valor por meio de indicadores e benchmarks. / Since the wave of IPO occurred in the Brazilian real estate sector between 2006 and 2007, the discussion on how to identify by disclosure information the fair value of those companies intensified both among its managers and capital market analysts. Traditional valuation models proved inadequate and require adaptations for use in those companies, as well as the identification and characterization of value drivers. This dissertation aims to develop a routine valuation of Real Estate from the drivers of value, tangible or intangible, identifying which are the assets that have greater influence on the value generation and why this influence, enabling investors and analysts to better assess the value of companies in the sector. After a literature review as well as the analysis of the IPO Prospectus and the financial statements available to the public, taxonomy was proposed to measure the value of the real estate companies in four dimensions: property capital, human capital, market capital and relational capital. In each dimension were identified tangible and intangible assets and these related to value generation through indicators and benchmarks.

Submitted by Sandra Pereira (srpereira@ufrrj.br) on 2016-08-05T13:32:29Z No. of bitstreams: 1 2007 - ?rica Sai?o Caputo.pdf: 973917 bytes, checksum: e44041e60dbf27ce142b265b8d22da99 (MD5) / Made available in DSpace on 2016-08-05T13:32:29Z (GMT). No. of bitstreams: 1 2007 - ?rica Sai?o Caputo.pdf: 973917 bytes, checksum: e44041e60dbf27ce142b265b8d22da99 (MD5) Previous issue date: 2007-08-23 / This work presents an analysis on brand, intangible asset that has assumed increasing contribution in the process of generation of value to the business, characterizing itself as a differentiation factor. One strong brand can surpass the factor price in the purchase decision and allows to move away the perception of commodity that the customers can attribute to the product or service. This study considers an analysis of the force of the brand in a segment where the product basically does not have differentiation, that is the sector of woollen steel sponge, in order to verify its contribution for the company performance as a competitive distinction. For this analysis the Bombril, whose brand was chosen it is synonymous of the category, being applied an adaptation of the method of brand evaluation considered by Oz?rio (2003) to confirm the premise of that a strong brand is an asset that handspike the result of the business. As Oz?rio model (2003) is indicated for brands considered strong, we performed a qualitative analysis based on the Muniz?s study of the dimensions of brand personality (2005), which is a determining factor for the strength of the brand, and premises identified by Aaker (1998) as characteristics of a company with a strong brand, which confirmed its applicability to the case. According to the model, a strong brand add value to the company by generating marginal cash flow, compared to operating margin typical of companies without the attribute of the brand in the industry and the value of company with brand attribute. The calculation of brand value would be obtained by the difference of the market value of the one company with brand value of the another company without brand value. Considering that the brand is an asset which leverages business results, whether by maintenance of customers, or by premium pricing and operating margins over industry companies that do not have the same brand recognition, for this study, we proposed an adaptation in Oz?rio model, evaluating the company's value with and without the brand attribute from the comparative premium pricing. The analysis allowed estimating Bombril brand?s value in R$ 190 million, similar to ranking published by Brand Finance in 2006, which had reference to the financial statements for 2005, the same base year of the analysis, R$ 183 million. / Este trabalho apresenta uma an?lise sobre marca, ativo intang?vel que tem assumido crescente contribui??o no processo de gera??o de valor aos neg?cios, caracterizando-se como um fator de diferencia??o. Uma marca forte pode superar o fator pre?o na decis?o de compra e permite distanciar a percep??o de commodity que os clientes possam atribuir ao produto ou servi?o. Este estudo prop?e uma an?lise da for?a da marca em um segmento em que o produto basicamente n?o tem diferencia??o, que ? o setor de esponja de l? de a?o, de modo a verificar a sua contribui??o para a performance da empresa como diferencial competitivo. Para essa an?lise foi escolhida a Bombril, cuja marca ? sin?nimo da categoria, sendo aplicada uma adapta??o do m?todo de avalia??o de marcas proposto por Oz?rio (2003) para avaliar a premissa de que uma marca forte ? um ativo que alavanca o resultado do neg?cio. Como o modelo de Oz?rio (2003) ? indicado para marcas consideradas fortes, foi realizada uma an?lise qualitativa, com base no estudo das dimens?es da personalidade da marca, que ? um fator determinante para a for?a da marca, de Muniz (2005), e nas premissas identificadas por Aaker (1998) como caracter?sticas de uma empresa com marca forte, que confirmou a sua aplicabilidade ao caso. De acordo com o modelo, uma marca forte acrescentaria valor para a empresa atrav?s da gera??o marginal de fluxo de caixa, comparando-se a margem operacional t?pica de empresas sem o atributo da marca no setor e o valor da empresa com o atributo da marca. A apura??o do valor da marca seria obtida pela diferen?a do valor de mercado da empresa com marca e do valor da empresa sem o valor da marca. Considerando que a marca ? um ativo que alavanca o resultado do neg?cio, seja pela manuten??o dos clientes, seja pela pr?tica de pre?os premium e margens operacionais superiores a empresas do setor que n?o desfrutam do mesmo reconhecimento da marca, para esse estudo, foi proposta uma adapta??o ao modelo de Oz?rio, avaliando-se o valor da empresa com e sem o atributo marca a partir do comparativo da pr?tica de pre?os premium. A an?lise permitiu valorar a marca Bombril em R$ 190 milh?es, valor aderente ao divulgado no ranking de 2006 da Brand Finance, que teve como refer?ncia os demonstrativos financeiros do ano de 2005, mesmo ano-base da an?lise, de R$ 183 milh?es

Submitted by admin tede (tede@pucgoias.edu.br) on 2018-02-23T12:40:52Z No. of bitstreams: 1 RAQUEL PERES ROCHA.pdf: 2666227 bytes, checksum: 67c072e8adeede5a11eb0903f76b841d (MD5) / Made available in DSpace on 2018-02-23T12:40:52Z (GMT). No. of bitstreams: 1 RAQUEL PERES ROCHA.pdf: 2666227 bytes, checksum: 67c072e8adeede5a11eb0903f76b841d (MD5) Previous issue date: 2018-02-08 / This research aims to describe and understand the intangible cultural heritage of the municipality of Itaituba, a city located in the interior of Pará, represented by the festivals of Açaí, Buriti and Pisces Piau and Aracu. It is hoped to collaborate in the strengthening of these patrimony, as well as to understand the historical and cultural construction of the municipality. In dealing with the different knowledge and practices of food preparation, legends, rites and rituals present in these festivals, we seek to obtain subsidies to understand the relationship between the food of the Amazonian peoples and the indigenous culture, as well as the influence of the Northeastern and African cuisine in the Paraense cuisine, and since these have become essential elements to the gastronomic festivals of the Amazon region. Therefore, the study was developed seeking to understand the importance of these festivals for the culture of Itaituba and region as well as its role in preserving and strengthening the identity of the population. The work was based on the qualitative analysis to work with the bibliographic reference, data collected and produced in the field, with the intention of achieving the best results through the interpretation of the information listed in the course of the investigation. It was used the phenomenologicalhermeneutic approach where subject and object are integrated in the world, seeking to rescue the subject and the understanding of things, as a way of approaching the essence of phenomena, for this was carried out the "dense description" of these patrimonies, with the intention to establish a greater understanding of the festivals and the cultural traditions present in them. The foundation was based on concepts related to culture, immaterial cultural heritage, identities, memories, as well as historiographic data of the place studied, which puts it in line with the research line of the Master's Program in History of PUC Goiás, called Identities, Traditions and Territorialities. / A presente pesquisa tem o propósito de descrever e compreender os patrimônios culturas imateriais do município de Itaituba, cidade localizada no interior do Pará, representados pelos festivais, do Açaí, Buriti e dos Peixes Piau e Aracu. Espera-se colaborar no fortalecimento destes patrimônios, assim como entender a construção histórica e cultural do município. Ao tratar dos saberes e fazeres diferenciados de preparação dos alimentos, das lendas, dos ritos e dos rituais presentes nestes festivais procura-se obter subsídios para entender a relação da alimentação dos povos amazônicos com a cultura indígena, assim como a influência da cultura nordestina e africana na culinária paraense e, como essas tornaram-se elementos essenciais aos festivais gastronômicas da região amazônica. Para tanto, o estudo se desenvolveu buscando entender a importância destes festivais para a cultura de Itaituba e região bem como seu papel na preservação e fortalecimento da identidade da população. O trabalho baseou-se na análise qualitativa para trabalhar com o referencial bibliográfico, dados coletados e produzidos em campo, com o intuito de alcançar os melhores resultados através da interpretação das informações arroladas no desenrolar da investigação. Foi utilizada a abordagem fenomenológica– hermenêutica onde sujeito e objeto estão integrados no mundo, buscando resgatar o sujeito e a compreensão das coisas, como forma de aproximar das essências dos fenômenos, para isso foi realizada a “descrição densa” desses patrimônios, com o intuito de estabelecer uma maior compreensão dos festivais e das tradições culturais presentes neles. A fundamentação pautou-se em conceitos relacionados à cultura, patrimônio cultural imaterial, identidades, memórias, além de dados historiográficos do local estudado, o que a coloca em sintonia com a linha de pesquisa do Programa de Mestrado em História da PUC Goiás, denominada de Identidades, Tradições e Territorialidades.

Made available in DSpace on 2016-03-15T19:25:25Z (GMT). No. of bitstreams: 1 Lucas de Barros Junior.pdf: 1588088 bytes, checksum: 53438860621c052e0041ebfe7c689fd4 (MD5) Previous issue date: 2010-08-10 / Fundo Mackenzie de Pesquisa / The main incentive of the work is due to the substantial increase that intangible assets are acquired in recent decades, this was shown by statistical evidence of variables that are part of those assets.Because of this, the construction of indices capable of measuring the intangible capital inside the companies from financial and accounting information available, and the study of the association of these indices, with the value creation of enterprises, and return through the variation of stock prices may provide a new perspective and essential for companies and their shareholders, and may even become an important competitive differentiator.With that comes the need to measure these assets for future management. Aware of this need, this paper examines one of the ways proposed to measure the intangible assets within organizations, and their relation to the profitability offered to shareholders.Inside the exhibition of the proposal, we opted for the model proposed by Gu and Lev evaluation of intangible assets and with this methodology, we evaluated their evidence in American companies from the sectors of Electronic and Electrical and Health Care. The sample data was obtained through the database of the Thomson Datastream and was treated a total of 706 companies in the Health Care and 559 for the sector of the Electronic and Electrical.The data of the companies were arranged in the form of panel data and analyzed by the method of pool panels, fixed and random, which is an original way the proposed method.Initially we tested the variable proposed by the authors, IDE with variables that assess the business innovation and degree of intangibility. The second part of the tests, 3º and 4ºhypotheses assesses the statistical significance of the proposed index with a return to shareholders. / O incentivo principal do trabalho se deve ao aumento substancial em importância que os ativos intangíveis estão adquirindo nas últimas décadas, fato este demonstrado por meio de evidências estatísticas de variáveis que fazem parte destes ativos. Devido a isso, a construção de índices capazes de medir o capital intangível dentro das empresas a partir de informações financeiras e contábeis disponíveis, e o estudo da associação desses índices com a geração de valor das empresas, e retorno por meio da variação dos preços das ações, pode fornecer uma perspectiva nova e fundamental para as organizações e seus investidores, podendo até mesmo tornar-se um diferencial competitivo importante.Surge então a necessidade de mensurar estes ativos para posterior administração dos mesmos. Atento a esta necessidade, este trabalho busca analisar uma das formas propostas para a mensuração dos ativos intangíveis dentro das organizações, e sua relação com a lucratividade proporcionada aos acionistas. Dentro da exposição da proposta, optou-se pelo modelo idealizado por Gu e Lev de avaliação de ativos intangíveis. Fazendo uso desta metodologia, avaliamos suas evidências em empresas norte americanas dos setores de Electronic e Electrical e Health Care .A amostra dos dados foi obtida utilizando banco de dados da Thomson Datastream e foi analisado um total de 706 empresas no setor de Health Care e de 559 para o setor de Electronic and Electrical . Os dados das empresas foram dispostos em forma de painel de dados e analisados por meio do método de painéis em pool , painéis fixos e painéis aleatórios, o que constituiu uma forma diferente e original de emprego da metodologia proposta pelos autores anteriormente citados. Inicialmente nas duas primeiras hipóteses, testamos a variável que mede intangibilidade das empresas, IDE (Intangible Driven Earnings) com variáveis que avaliam a inovação das empresas e se grau de intangibilidade. A segunda parte dos testes, 3º e 4º hipóteses avaliam a significância estatística do índice proposto com o retorno ao acionista.

Cada vez mais tem sido evidenciado pela performance das empresas nos mercados financeiros que uma parcela significativa do seu valor não está vinculado aos ativos tangíveis que ela possui. Diversos estudos acadêmicos sugerem que outros ativos são responsáveis por esta geração de valor adicionado nas empresas: os ativos intangíveis. Dentre os vários ativos intangíveis que aportam valor a uma empresa, a marca tem sido destaque em diversos trabalhos. Existem evidências que marcas fortes geram valor adicionado às empresas, sendo a sua mensuração um grande desafio. Diante disso, neste estudo elaborou-se uma metodologia alternativa de mensuração do valor de marcas baseada no método do fluxo de caixa descontado. Para tal, foi desenvolvida uma ferramenta denominada Scorecard da Marca que identifica e quantifica a influência que a marca exerce na capacidade de geração de fluxos futuros de uma empresa. A metodologia alternativa foi aplicada a empresas de diferentes segmentos de mercado, a saber: Banco Itaú e Unibanco do setor de Serviços Financeiros e Perdigão e Sadia do setor Alimentício. Ficou demonstrado, pelos resultados obtidos, que a metodologia proposta captou as diferenças entre as empresas analisadas e possibilitou a mensuração do valor específico de cada uma das marcas. Assim, foi possível incorporar, de maneira mais abrangente, o impacto que as marcas agregaram aos resultados financeiros das empresas. / The performance of companies in the financial markets for the past few years has led to the conclusion that a very significant portion of their value can not be directly explained by the tangible assets they possess. Recent academic studies have suggested that the value creation in these companies are caused by the intangible assets. Amongst the various different intangible assets that help create value in companies, the brand has been focus of several studies. Empirical evidence have shown that strong brands help create added value for the companies that control them. Additionally, the identification and calculation of the value of brands has posed as a huge challenge. In this context, the main objective of this study was the development of an alternative methodology for brand valuation, based on the Discounted Cash Flow (DCF) model. In order to accomplish this objective, an instrument called Brand Scorecard was developed in order to capture the brand’s influence in the companies’ excess cash flow creation. This alternative methodology was applied to four different companies, participating in two distinct market segments. They are: Banco Itaú and Unibanco of the Financial Services segment and Perdigão and Sadia from the Food segment. The results indicate that the proposed methodology was efficient in capturing the main differences among the companies and brands. The methodology was also capable of capturing the value of the brands by identifying and isolating their relationship with the companies’ excess cash generation capacity.

This study investigates two variables, number of investors and an intangible assets/revenue ratio, that are potential industry-specific predictors of deal failure in technology M&A. I document that number of investors has a significant ability to predict deal failure in all M&A transactions: an increase in number of investors decreases deal failure rates. However, I find that neither variable is able to significantly predict deal failure differently for transactions involving technology targets and those involving non-technology targets. Broadly, my findings suggest that technology M&A and non-technology M&A may share more similarities than previously expected in the ultimate goal of properly evaluating them.

This dissertation examines the effects that intangible capital and diversity reputation have on firm performance. In Chapter 1, entitled “CEO Overconfidence and Intangible Corporate Investments,” we extend the corporate investment and CEO overconfidence literature by examining how CEO overconfidence affects investment-cashflow sensitivity using a new measure of Tobin’s q and cashflow. Specifically, we incorporate intangible capital, which neo-classical investment theory mostly ignores, in the empirical analysis. We develop three overconfidence measures and their interaction with the respective standard and new cashflow settings to capture the investment-cashflow sensitivity effect of CEO overconfidence. We use three investment measures (physical, intangible, and total investments) and find that the effect of managerial overconfidence on investment-cashflow sensitivity is more prominent for corporate intangible investments than physical investments. Moreover, our results show that the standard measure of physical capital weakly explains the intangible investment-cashflow density. Our study offers useful insights in that it explains the reason why investment-cashflow sensitivity has been weaker in recent years. We also show that investment-cashflow sensitivity is stronger when intangible capital is incorporated into the analysis. Chapter 2 is entitled “Diversity Reputation and Firm Performance.” The modern American workplace is a microcosm of modern American society. The increasing diversity of the American workforce has made the increasing diversity of the American workplace a necessity. We explore the impact of diversity reputation on firm performance. We measure a firm’s diversity reputation by its inclusion in DiversityInc’s list of Top 50 Companies for Diversity. We measure firm performance by various accounting measures (return on assets, return on investment, and return on sales) as well as one market-based measure, Tobin’s Q. We find that firms that have a better diversity reputation outperform firms that do not.

Small business owners who attempt to sell their businesses may not receive full value if they do not adequately value their intangible assets. The purpose of this multiple case study was to explore effective strategies business leaders used to value intangible assets when considering the sale of their businesses. The participants for this study were 5 business owners in a metropolitan area in the southeastern United States who had successful valuation experiences during the sale of their businesses. Data were collected through semistructured interviews with participants, methodological triangulation, observations, and review of company documents. Data were analyzed using thematic analysis, coding narrative segments, and reviewing secondary data. The themes that emerged from data analysis include collecting and using company data concerning intangible assets; hiring a reputable accounting firm to assist in valuation; understanding the values of brand, customer base, and goodwill; and choosing the appropriate asset valuation approach. To accurately value the intangible assets of their businesses, the most significant and recurring theme in the participants' responses was the need for assistance from a reputable accounting firm. The implications of this study for positive social change include the potential to enhance the economic investment in local areas where business owners appropriately value intangible assets.

Bakgrund: Att driva ett företag innebär att investera pengar i en framtid som är osäker men som förhoppningsvis kommer att ge en vinst. Företag behöver kapital för att kunna investera i bland annat marknadsföring, lager, forskning, utveckling och utbildning av personal. När ett företag är i behov av finansiering vänder de sig ofta till banker för att låna pengar. Banken gör en kreditbedömning för att besluta om företaget blir beviljad krediten eller inte. Vid kreditgivning vill långivare inte använda immateriella tillgångar som en säkerhet eftersom de ser immateriella tillgångar som riskfyllda.  Syfte: Syftet med denna studie är att öka kunskapen för hur banker bedömer kreditgivning till företag med en stor andel immateriella tillgångar. Metod: Vår studie genomfördes genom kvalitativa intervjuer. Vi intervjuade personer som är anställda hos Swedbank, Nordea, Handelsbanken, SEB och Länsförsäkringar. Resultat och slutsatser: Företag inom datorspelsbranschen behöver bevisa för banker att de inte är en bransch som är utsatt och löper risk för att hamna i konkurs. Bankerna är intresserade av att få tillbaka de pengar som de har lånat ut. Därför är det viktigt att visa banken en god återbetalningsförmåga oavsett vilken bransch företaget tillhör. / Background: Running a business means investing money in a future that is uncertain but which will hopefully yield a profit. Companies need capital to be able to invest in marketing, warehousing, research, development and training of staff. When a company is in need of funding, they often turn to banks to borrow money. The banks make a credit assessment to decide whether the company is granted the credit or not. When granting credit, lenders do not want to use intangible assets as collateral due to their view on intangible assets as risky. Purpose: The purpose of this study is to increase knowledge of how banks assess credit granting to companies with a large proportion of intangible assets. Method: Our study was conducted through qualitative interviews. We interviewed people who are employed by Swedbank, Nordea, Handelsbanken, SEB and Länsförsäkringar. Results & conclusions: Companies in the computer game industry need to prove to banks that they are not an industry that is exposed and are at risk of falling into bankruptcy. The banks are interested in getting back the money they have lent. Therefore, it is important to show the bank a good repayment ability regardless of which industry the company belongs to.

This thesis investigates the use of hedonic pricing models to value intangible assets that are owned by firms. This novel approach falls within the neoclassical methodology for the valuation of financial assets, and extends the framework by ordering an alternative methods by which assets may be compared. The firms performance, as measured by reported financial data and embodied in the DuPont ratios of the firm, is used to derive the characteristics of intangible assets. The shadow prices of these characteristics are estimated and used to derive a market-related value for the intangible assets. The empirical results support using this approach to value intangible assets.