The diploma thesis deals with valuation of two types of intangible property in context on financial reporting, specifically purchase price allocation according to IAS/IFRS. The theoretical part describes the framework and specifics of valuation for financial reporting purposes and the basic valuation approaches and methods. An emphasis is placed on the multi-period excess earnings method, which is typically used for valuation of exotic intangible assets. In the practical part there is a demonstration of valuation of customer relationships in the banking sector by the multi-period excess earnings method and valuation of assembled workforce, including a discussion of potential weak points and possible variations of the commonly used income-based valuation method.

Les parties prenantes demandent aux entreprises d'inclure dans leurs processus de gestion des critères de responsabilité sociale tels que la santé et la sécurité au travail et la lutte contre les discriminations etc. Les normes (ISO 26000, 14001, OHSAS 18001, AA 1000…) sont nombreuses en matière de R.S.E ou de développement durable et témoignent des questions et des difficultés de son opérationnalisation. Les critiques des O.N.G révèlent, entre autre, l'insuffisance de l'engagement des salariés qui sont pourtant au coeur des actions de l'entreprise. Ce travail doctoral s'inscrit dans la recherche des causes expliquant les comportements socialement responsables des salariés. Nous abordons notre recherche sous l'angle de l'Employment-Organisation-Relationship (E-O-R) et inscrivons notre travail dans le concept des contrats psychologiques (Rousseau, 1995). Notre recherche vise à mieux comprendre un phénomène social dont les recherches sont aujourd'hui sous-détaillées et sous-exploitées. Nous avons choisi une entreprise du secteur du travail temporaire et focalisé notre recherche sur les comportements en GRH. Notre recherche est qualitative, ethnologique et à visée compréhensive ; nous montrons que les croyances partagées, les normes comportementales et plus largement les ressources tangibles ou intangibles façonnent les comportements socialement responsables des salariés. A notre connaissance aucune recherche ne s'est appuyée sur notre méthodologie pour répondre à ce problème managérial concret. / Stakeholders require companies to include in their management process social responsibility criteria such as health and safety and the fight against discrimination etc. Standards of CSR or sustainable development (ISO 26000, 14001, OHSAS 18001, 1000 AA ...) are many and reflect the issues and difficulties in its operationalization. NGO‟s criticisms reveal, among other things, the lack of commitment of employees who are at the very heart of the company's shares. This work is part of doctoral research determining causes of socially responsible behavior of employees. We discuss our research in terms of the Employment Relationship-Organization-and inscribe our work in the concept of psychological contracts in organizations (Rousseau, 1995). Our research aims to better understand a social phenomenon whose research is currently under- detailed and underutilized. We chose a company in the temporary work sector and focused our research on behavior in HRM. Our research is qualitative, ethnographic and explanatory; we show that shared beliefs, behavioral norms and broader tangible or intangible resources shape the socially responsible behavior of employees. To our knowledge no research has been based on our methodology to meet this specific managerial problem.

Made available in DSpace on 2016-04-25T18:39:54Z (GMT). No. of bitstreams: 1 Marli Gomes.pdf: 703992 bytes, checksum: 3e8319be35e31a11ee1cb439e0f20989 (MD5) Previous issue date: 2013-06-24 / This study aims to investigate the rules that establish the relationship of the record of intangible assets generated in corporate reorganizations, by ways of consolidation, spin-off, merger and, especially, of goodwill, facing the changes in the standards currently adopted by the Brazilian accounting system, which in addition to following global trends, also adopts all recent legislative changes. As a methodological option, the research is qualitative, of the exploratory-descriptive type, and promotes the analysis of a proposal to Company Beta, a fictitious name, in relation to the goodwill generated by the merger, as well as the limits that rule the possibilities of registration, measurement and amortization of such goodwill, for tax purposes. Indirectly, this study demonstrates the need to regulate the accounting standards and procedures relating to the measurement criteria of the established goodwill, so as to bring it to more realistic levels, based on objective and reliable principles. Similarly, this research aims to analyze the issue of goodwill, through concepts of Corporate Transactions and Business Combinations, as well as Intangible Assets and their measurement. Based on this study it was possible to measure the potential for the generation of wealth from Company Beta s business for decision making and also to determine the goodwill value from the analysis of financial statements and projections of the Company. The proposed objectives were achieved and the goodwill value presented reinforces the importance and the relevance of the record of intangible assets / Este estudo tem como objetivo a investigação das normas que estabelecem a relação do registro dos intangíveis gerados em reorganizações societárias, por meio de fusão, cisão, incorporação, e, principalmente, do Goodwill frente à mudança de padrões atualmente adotados pelo sistema contábil brasileiro, que, além de seguir as tendências mundiais, adota todas as mudanças legislativas recentes. Como opção metodológica, a pesquisa é qualitativa, do tipo exploratório-descritiva e promove a análise de uma proposta junto à Empresa Beta, nome fictício, no que se refere ao ágio gerado pela incorporação, bem como pelos limites que veiculam as possibilidades de registro, mensuração e amortização do ágio, para fins fiscais. Este estudo, indiretamente, demonstra a necessidade de regulamentar as normas e procedimentos contábeis relacionados aos critérios de mensuração do ágio apurado, de modo a trazê-lo a patamares mais realistas, fundamentando-os em princípios objetivos e confiáveis. Do mesmo modo, esta pesquisa visa analisar a questão do Goodwill, por meio de conceitos de Operações Societárias e Combinação de Negócios, bem como, conceitos de Ativos Intangíveis e sua mensuração. Com base nesse estudo foi possível medir o potencial de geração de riqueza dos negócios da Empresa Beta para tomada de decisões e também determinar o valor do Goodwill a partir das análises das demonstrações contábeis e projeções da Empresa. Os objetivos propostos foram alcançados e o valor do Goodwill apresentado reforça a importância da relevância do registro dos ativos intangíveis

Made available in DSpace on 2016-04-26T18:11:16Z (GMT). No. of bitstreams: 1 Luciane Adario Biscolla Robic.pdf: 3354196 bytes, checksum: 261dda093f70f8d5741347b22d5fe11f (MD5) Previous issue date: 2011-10-31 / Conselho Nacional de Desenvolvimento Científico e Tecnológico / Stimulus for the consumption of products takes place mainly through the experiences they promote. Today, flowing is more important than owning, thus the power of differentiation to become an exclusive and unique brand in a competitive market depends increasingly on its immaterial constitution, since access to the brand's intangible assets leads its audience to an emotional connection. Brands that consistently plan and communicate the elements of their intangible assets are more likely to get more exclusive and lasting affective bonds with their audiences, as the construction of emotional benefits occurs when the brand is perceived beyond its functional aspects and their products' physical characteristics, in a process called personification. This point is the beginning of the construction of a brand's imagery, which is called brand intangible assets. Although identifying several studies on brands and intangible assets, this research has not found any works unifying those two fields in an organized, synergic way. The aim of this work was to organize and analyze the elements that constitute the communication of brand intangible assets. To this end, we focused on media and image theories interfacing with brand theories. From this theoretical review, the intangible assets subject (André Gorz, Jeremy Rifkin) was organized making connections with image composition (Dietmar Kamper, Norval Baitello Jr., Hans Belting, Vilém Flusser) and with different brand approaches (David Aaker, Bernd Schmitt, Andrea Semprini and Marc Gobé). The end result was a script to perform the analysis of the brands' intangible elements,which was tested in the analysis of the communication of a fashion brand. Fashion was chosen because it is an industry in which consumption has a strong symbolic representation, and Osklen was sellected for being internationally recognized as a major Brazilian fashion brand. Among the various forms of communication utilized by the brand, collection catalogues were chosen for the analysis because they reflect more directly the subjects and themes of their creators. The representations and symbolic meanings of the Osklen intangible assets were analyzed, and as a result, we obtained an almost complete adhesion to the studied theories. It was concluded that the brand develops an imagery creation process with a high level of emotional skills, presenting it consistently in its communication processes in accordance to what is professed by the theories on intangible assets, image composition and brands. It is hoped with this work to increase the knowledge about brand communication and to contribute to the development of studies in the areas of Communication, Semiotics and Brand Management, integrating and demonstrating the synergy between them / O estímulo para o consumo de produtos dá-se principalmente pelas experiências que eles promovem. Hoje, fluir é mais importante do que possuir, e, dessa forma, o poder de diferenciação para se tornar uma marca exclusiva e única num mercado competitivo passa cada vez mais pela sua composição imaterial, pois o acesso à imaterialidade da marca conduz seu público a uma conexão emocional. Marcas que planejam e comunicam com consistência os elementos de sua imaterialidade têm maior probabilidade de conseguir vínculos afetivos exclusivos e duradouros com seus públicos, pois a construção dos benefícios emocionais ocorre quando a marca passa a ser percebida além dos seus aspectos funcionais e das características físicas dos seus produtos, num processo denominado personificação. Nesse ponto começa a construção de seu imaginário, o qual é nominado de imaterial da marca. Apesar de identificados diversos estudos sobre o imaterial e sobre marcas, não se registraram trabalhos que unissem essas duas áreas de forma sinérgica e organizada. Assim, o objetivo deste estudo foi organizar e analisar os elementos que compõem a comunicação do imaterial da marca e, para tanto, o foco centrou-se nas teorias da mídia e da imagem em interação com as teorias das marcas. A partir da revisão teórica, organizou-se o tema imaterial (André Gorz, Jeremy Rifkin) relacionando-o com a composição da imagem (Dietmar Kamper, Norval Baitello Júnior, Hans Belting, Vilém Flusser) e com as diferentes abordagens da marca (David Aaker, Bernd Schmitt, Andrea Semprini e Marc Gobé). O resultado foi um roteiro para analisar o elemento imaterial nas marcas, que foi testado na comunicação de uma marca de moda. Escolheu-se a moda por ser um setor em que o consumo apresenta forte representação simbólica, e a Osklen por ser reconhecida internacionalmente como uma das principais marcas brasileiras de moda. Dentre as diversas formas de comunicação que a marca realiza, foram escolhidos para análise os catálogos de suas coleções, por refletirem de forma mais direta os temas e os imaginários do seu criador. Foram analisadas as representações e significados simbólicos do conteúdo imaterial da Osklen, e, como resultado, obteve-se uma aderência praticamente completa às teorias estudadas. Concluiu-se que a marca desenvolve um processo de criação de seu imaginário com alto nível de qualificação emocional, apresentando-o de maneira consistente em seus processos comunicativos, de acordo com o que preconizam as teorias sobre o imaterial, a composição da imagem e as marcas. Espera-se com este trabalho ampliar o conhecimento acerca da comunicação de marcas e contribuir para o desenvolvimento dos estudos nas áreas de Comunicação, Semiótica e Gestão de Marcas, assim, integrando e demonstrando a sinergia entre elas

This dissertation explores the disclosure on intangibles acquired in Mergers & Acquisitos. The related empirical analyses are based on a sample of M&As that are accounted for under the International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US-GAAP). In three different research papers I answer three distinct research questions. In order to enable capital providers and other external stakeholders to evaluate the PPA, the International Financial Reporting Standard 3 (IFRS 3) and the Statement of Financial Accounting Standards 141 (SFAS 141) require the acquirer firm’s management to disclose information about the assets acquired and liabilities assumed in the notes to the financial statement. The first research paper (see chapter II) addresses the following research question: Which information about intangibles acquired in M&As does the acquirer firm’s management disclose in the notes to the financial statement? The second research paper examines the factors that affect the initial recognition of goodwill. This research question is answered in the second research paper (see chapter III): Does the acquirer firm’s management opportunistically or efficiently use its discretion to recognize goodwill initially? The corporate information environment consists not only of corporate disclosure but also of disclosure by information intermediaries. The third research paper (see chapter IV) addresses this last set of research questions: Which information about intangibles acquired in M&As is provided in voluntary or mandatory corporate disclosures and in disclosures by information intermediaries? How are the disclosure channels interrelated?

Univ., Diss.--Bamberg, 2004.

Cette thèse est consacrée à l'étude de l'utilité de la communication d'information afférente aux actifs immatériels lors des augmentations de capital en numéraire des sociétés françaises cotées, et son impact sur la liquidité. L'importance grandissante des éléments immatériels dans la compétitivité et la croissance des entreprises et leur non-reconnaissance comptable pose souvent la question de la nécessite de compléter les états financiers par une offre volontaire d'information sur ces actifs. La littérature comptable et financière montre l'évolution des besoins informationnels des utilisateurs externes des rapports annuels et constate l'intérêt qu'ils portent aux informations liées aux actifs immatériels. Une communication insuffisante sur ces actifs accentue donc le problème d'asymétrie d'information sur les marchés financiers. Elle offre un terrain favorable au transfert de richesse des investisseurs non informés vers les investisseurs informés, car ces derniers en exploitant l'information privée réalisent une rentabilité supérieure, au détriment des autres investisseurs. Cette situation conduit à une diminution de la liquidité des titres, et par conséquent, accroît le coût de capital des entreprises. Cela devient plus important lors des émissions de nouvelles actions où le décalage informationnel entre les investisseurs, ainsi qu'avec l'équipe dirigeante s'agrandit. L'étude menée sur un échantillon d'entreprises françaises cotées émettrices de nouvelles actions sur la période 2000-2009 montre un niveau faible d'offre volontaire d'information sur les actifs immatériels. De surcroît, l'analyse de l'impact de leur communication sur les éléments immatériels met en évidence que l'offre volontaire diminue la fourchette de prix, et augmente la profondeur du marché à l'annonce d'une augmentation de capital en numéraire. / This thesis is devoted to the usefulness of intangible assets disclosure by French listed companies around new equity issues and its impact on stock liquidity. The growing importance of intangibles for companies' competitiveness and growth, besides of their non-recognition often raises the question of the need to complete financial statements by intangible assets voluntary disclosure. Accounting and finance literature shows changes in external users' information needs and highlights their attention for information related to intangibles. Insufficient communication on these assets accentuates information asymmetry in financial markets. It provides also a fertile ground for wealth transfer from uninformed investors to informed investors, as by exploiting private information, they can derive higher returns at the expense of other investors. This situation leads to a decrease in stock liquidity, and therefore to an increase of companies' cost of capital, which becomes more important around equity issues. The study conducted on a sample of French listed companies issuing new equity over the period 2000-2009 shows a low level of intangibles voluntary disclosure. Furthermore, our analysis shows that intangibles voluntary disclosure reduces spread, and increases market depth at the announcement of a capital increase.

Les institutions internationales ont à la suite de la 2ème guerre mondiale créé un corpus de droits reliés à l’essence de la condition humaine qui sont aussi intuitifs que difficiles à systématiser. Cette émergence se trouve à l’origine de la relation étroite entre le droit international et un noyau intangible de valeurs considérées comme universelles, érigé à la lumière de constructions philosophiques et juridiques du concept d’humanité jusqu’au moment où elles sont saisies par le droit international coutumier et conventionnel dans une logique de protection. Cette protection relève, d’un côté, du droit international pénal à partir notamment de l’édification des concepts de crime contre l’humanité et de génocide ayant comme corolaire également la définition du concept de graves violations et, de l’autre côté, du droit international des droits de l’Homme, en ce qu’il s’est occupé de la sauvegarde de l’individu en tant qu’être à la fois singulier et collectif, mais aussi des droits essentiels à la préservation de sa condition humaine. Le problème majeur qui se pose est celui des difficiles interactions entre le droit international et le droit national, combiné à l’héritage des paradigmes du droit international classique, ce qui nous amène à répondre à la question du comportement des États quand le droit international a pour objet la préservation de ce noyau dur des valeurs humaines. Dans la présente thèse, nous cherchons donc à démontrer que la protection tissée notamment sur la base des prohibitions apporte au droit international une position de suprématie liée à son caractère de jus cogens, de manière à imposer des devoirs non seulement aux États mais aussi aux individus. / Because of World War II, international institutions have created a set of rights related to the essence of the human condition that are as intuitive as to systematize. The close relationship between international law and the protection of intangible values of the human community as a whole has its sources from this emergence. Indeed, these values were identified in the light of philosophical and legal constructions about the concept of humanity until the moment when it became protected by the customary and conventional international law. On the one hand, this protection came from the international criminal law and its enlightenment about the conception of crime against humanity and genocide, in a manner that it enabled the identification of the meaning of serious violations. On the other hand, this protection came likewise from international human rights law, in which it took care to safeguard the individual either as a singular and collective human being, as well as of the fundamental rights to the preservation of its human condition. The hardest problem that is presented here is about the difficult interactions between international law and national law. This problem is aggravated by the heritage left by the classic international law paradigms, which leads us to seek the answer concerning how the States react or how States must react when international law aims to safeguard these core human values. In this thesis, we seek to demonstrate that the protection exercised, especially on the basis of prohibitions, places international law in a position of supremacy linked to its character of jus cogens, in order to impose obligations over both States and individuals.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Este trabalho pretende verificar o alinhamento entre os indicadores de inovação utilizados pelos métodos Scorecard de mensuração dos ativos intangíveis e pelas agências governamentais nacionais e internacionais com aqueles utilizados pelos fundos de capital de risco na cidade do Rio de Janeiro, para investimento em empresas spin-offs acadêmicas incubadas. A metodologia constou de uma revisão bibliográfica sobre os métodos de mensuração e valoração dos ativos intangíveis, indicadores de inovação propostos por agências governamentais nacionais e internacionais e fundos de capital de risco que atuam na cidade do Rio de Janeiro. Além de serem aplicados questionários nas empresas de fundos de capital de risco desta cidade. Foram levantados diversos métodos Scorecards na literatura com seus indicadores, além dos indicadores de inovação de agências governamentais nacionais e internacionais. Adicionando-se a isso, identificou-se o foco de investimento, o processo de seleção, o método utilizado de avaliação de oportunidades de investimento e indicadores relevantes para as empresas de capital de risco da cidade do Rio de Janeiro. Observou-se que os ativos intangíveis, entre eles os de inovação, não são avaliados individualmente. A informação obtida com as empresas que receberão investimentos dessas empresas de capital de risco é utilizada para se entender a origem dos fluxos de caixa projetados e os principais fatores de risco. E esses dados aplicados ao método do fluxo de caixa descontado permitem que se estime o valor da empresa. Pela vasta experiência dos gestores dos fundos de capital de risco com micro e pequenas empresas inovadoras, espera-se que o estudo das práticas deste segmento traga importantes reflexões para as discussões relativas aos ativos intangíveis e a inovação. / This work aims to verify the alignment between innovation indicators used by Scorecard methods of measuring intangible assets, and by national and international government agencies with those used by venture capital funds in the city of Rio de Janeiro, for investment in incubated academic spin-offs. The methodology consisted of a literature review on the methods of measurement and valuation of intangible assets, innovation indicators proposed by national and international government agencies and venture capital funds that operate in the city of Rio de Janeiro. In addition to being applied questionnaires in venture capital companies in this city. Many Scorecards methods have been raised in the literature with their indicators, beyond the innovation indicators of national and international government agencies. Adding to this, it identified the focus of investment, the selection process, the method used for evaluating investment opportunities and relevant indicators for companies of venture capital in the city of Rio de Janeiro. Final It was observed that intangible assets, including those of innovation, are not evaluated individually. Information obtained from the companies that receive investments of these venture capital companies is used to understand the origin of the projected cash flows and the main risk factors. And these data applied to the discounted cash flow method allows them to estimate the value of the company. For the vast experience of the fund managers of risk capital with innovative micro and small enterprises, it is expected that the study of the practices of this segment brings important insights to discussions relating to intangible assets and innovation.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Este trabalho pretende verificar o alinhamento entre os indicadores de inovação utilizados pelos métodos Scorecard de mensuração dos ativos intangíveis e pelas agências governamentais nacionais e internacionais com aqueles utilizados pelos fundos de capital de risco na cidade do Rio de Janeiro, para investimento em empresas spin-offs acadêmicas incubadas. A metodologia constou de uma revisão bibliográfica sobre os métodos de mensuração e valoração dos ativos intangíveis, indicadores de inovação propostos por agências governamentais nacionais e internacionais e fundos de capital de risco que atuam na cidade do Rio de Janeiro. Além de serem aplicados questionários nas empresas de fundos de capital de risco desta cidade. Foram levantados diversos métodos Scorecards na literatura com seus indicadores, além dos indicadores de inovação de agências governamentais nacionais e internacionais. Adicionando-se a isso, identificou-se o foco de investimento, o processo de seleção, o método utilizado de avaliação de oportunidades de investimento e indicadores relevantes para as empresas de capital de risco da cidade do Rio de Janeiro. Observou-se que os ativos intangíveis, entre eles os de inovação, não são avaliados individualmente. A informação obtida com as empresas que receberão investimentos dessas empresas de capital de risco é utilizada para se entender a origem dos fluxos de caixa projetados e os principais fatores de risco. E esses dados aplicados ao método do fluxo de caixa descontado permitem que se estime o valor da empresa. Pela vasta experiência dos gestores dos fundos de capital de risco com micro e pequenas empresas inovadoras, espera-se que o estudo das práticas deste segmento traga importantes reflexões para as discussões relativas aos ativos intangíveis e a inovação. / This work aims to verify the alignment between innovation indicators used by Scorecard methods of measuring intangible assets, and by national and international government agencies with those used by venture capital funds in the city of Rio de Janeiro, for investment in incubated academic spin-offs. The methodology consisted of a literature review on the methods of measurement and valuation of intangible assets, innovation indicators proposed by national and international government agencies and venture capital funds that operate in the city of Rio de Janeiro. In addition to being applied questionnaires in venture capital companies in this city. Many Scorecards methods have been raised in the literature with their indicators, beyond the innovation indicators of national and international government agencies. Adding to this, it identified the focus of investment, the selection process, the method used for evaluating investment opportunities and relevant indicators for companies of venture capital in the city of Rio de Janeiro. Final It was observed that intangible assets, including those of innovation, are not evaluated individually. Information obtained from the companies that receive investments of these venture capital companies is used to understand the origin of the projected cash flows and the main risk factors. And these data applied to the discounted cash flow method allows them to estimate the value of the company. For the vast experience of the fund managers of risk capital with innovative micro and small enterprises, it is expected that the study of the practices of this segment brings important insights to discussions relating to intangible assets and innovation.