ABSTRACT This study calculates the intrinsic value of the dry bulk shipping company by using the free cash flow (FCF) model[1]. This intrinsic value provides a solution for investors to overcome the stock market mispricing. Furthermore, this study uses Freight Forward Agreement (FFA) prices as the future prospect indicators for the dry bulk shipping industry. Usually, wrong estimating future prospects result in wrong valuation outcomes. By adding this future indicator, the accuracy of valuation outcome can be better enhanced. Finally, by using average stock market price as criteria, this study compares the biases among the different valuation models. The FCF model coupling with the FFA prices as future indicators has a minimum bias. It explains that FCF model coupling with the FFA prices is more effective for the investors to calculate the intrinsic value.

This thesis defends the claim that reason-giving is a discrete type of speech act (of an expressive kind) that has a distinctive value. It further argues that this value is best understood in terms of recognition, rather than justification, and that it is intrinsic to reason-giving. Its main aim is to argue against the commonly-held view that the main, sometimes the only, value to reason-giving lies in its capacity to provide justification (and in the related claim that if reasons cannot justify, then reason-giving has no value). The argument presented is intended to support that recognition (of a certain type) is a value that reason-giving has independently from any other value that it might or might not have – including justification; and hence, that reason-giving has a certain distinctive value that is not predicated upon a capacity for actually achieving justification. In particular, this thesis argues, based on speech act theory and on the concept of recognition, that this value is best understood as consisting in the expression of a particular type of recognition for the other. To establish this claim, in chapter one, it begins by setting out the standard view: that the value of reason-giving lies in its capacity to justify, and analyses some of the moves that have been made in the literature when the connection between reason-giving and justification breaks down. In chapters two to four, it uses speech act theory to analyse the acts of arguing and reason-giving, and to argue that reason-giving is a discrete speech act that has features in common with but is not reducible to arguing. Finally, in chapter five, it defends the claim that reason-giving has an intrinsic value, and that this value is best understood as an expressive value: namely, the expression of recognition for the other as a rational being (which is a valuable feature of the other’s humanity); and that it has this value regardless of whether the reasons in question are “good” from a justificatory standpoint.

This dissertation examines anew the value of wilderness and arguments used in defense of its preservation. The rationale for the examination is the force of the moral argument against policies of preserving wilderness areas, based upon their negative impact on the welfare of sentient life. This argument is accordingly dubbed the ‘Objection from Welfare’ (OFW). The dissertation’s central contention is that an adequate defense of wilderness preservation must be grounded in a value possessed by wilderness areas that generates at least as strong a reason to protect them as the OFW generates to oppose them. At present, no such rational, secular defense exists. Chapter One rehabilitates the idea of wilderness as the natural world maximally free from human intervention, and then disarms five persistent objections to this idea, arguing that it poses no insurmountable philosophical difficulties. Chapter Two argues that concern for animal welfare generates a pro tanto moral reason to oppose wilderness (i.e., OFW), thus demonstrating that wilderness preservation is ethically more complicated than is typically allowed. Chapters Three and Four argue that no justifiable ascription of intrinsic value to wilderness supports a nonanthropocentric conception of its value and that, consequently, a defense of wilderness simply as wilderness (wilderness qua wilderness) must be anthropocentric. According to this argument, wilderness’ distinctive value qua wilderness is ironically the anthropocentric value of a worldly domain maximally other-than-human. Neglect of this value is, it is shown, a common shortcoming of philosophical arguments for wilderness preservation. Chapter Five considers the extent to which wilderness’ distinctive value generates reasons to dispute the OFW effectively. In this regard, an analogy is drawn between bioethics and environmental ethics, i.e., between Michael Sandel’s defense of the gifted character of human nature and a defense of wilderness qua wilderness. Yet, while the analogy with Sandel’s notion of giftedness enhances an anthropocentric valuation of wilderness, it does not yield reasons strong enough to reject the OFW. Finally, I suggest that a fundamental defense of wilderness may require a spiritual or religious valuation of wilderness such that the moral force of the OFW could be suspended without being rejected. / 2020-12-11T00:00:00Z

Abstract In the global steel industry, some of the regional steel makers start to mergers and acquisitions in order to increase their competitive ability and market share in faces of the crisis that the market share unceasingly glides down. In recent years, the merge and reorganization of steel industry become more popular. It¡¦s to form more professional and bigger group through expanding the productivity, the regional enterprise's merge, the vertical integration and international strategy alliance and so on merge. This research about merger of the H Company and the U Company is not only the first large-scale merge case in the domestic stainless steel industry, but also the first reverse mergers¡¦ case of listed companies and unlisted companies (include emerging stock board companies).It also means the pioneering case in the age. The ¡§reverse mergers¡¨ which above-mentioned plan uses is an item of advanced accounting concept . It mainly focuses on the economical essence of merger, which one can obtain the actual domination and which one is easier to obtain the approval of creditor and supervising institution. Therefore it changed the traditional idea about merger to the public. Integrating with the discussing procedure to above reverse mergers¡¦ case, there are three consolidated problems to be supposedly noticed. Hopefully this research can offer the alternatives to those enterprises that want to pick the merge way through this kind of exterior growth opportunity to expand their competitive ability in the domestic more frequent merge case, and for their reference when they take action concerning reverse mergers. In addition, this research valuation above case¡¦s reasonable intrinsic value by the Discounted Free Cash Flow Model (DCF Model) and the Edwards-Bell-Ohlson Model (EBO Model), and check whether my projection about the stock swap proportion under the DCF model and EBO model are reasonable by making the sensitivity analysis of the price-to-book ratio. The reasonable area of trading the stock swap proportion sector supposedly should be between 4.45 and 4.68 after this research¡¦s calculation by the above two valuation method. However, the proportional difference reaches 38% to 45% with the comparison of the bilateral company resolution 1¡G3.22. Obviously, it was not appropriately responded the intrinsic stock value for both of companies on trading the stock swap proportion, and makes the sensitivity analysis by the price-to-book ratio also to support the DCF model and result of the EBO model computation. Although the bilateral companies still have to considerate a lot of factors to final the stock swap proportion, then they could negotiate the acceptable stock swap proportion. But , the data ,the enterprise value, which was calculated by the relative value approach should still has the reference value.

The thesis estimates the intrinsic value of share of the company Iveco Czech Republic, a.s. from the position of potential investor. The valuation is done through the DCF FCFE model. Prior to the financial plan and the valuation itself, the theses provides financial and strategic analysis of the company.

The diploma thesis focuses on a fundamental analysis of shares of European multinational food companies. The theoretical part describes methods of fundamental analysis. The analytical part includes testing of stock valuation models, selection of companies, their analysis and comparison. The last part includes proposal of portfolio of the hedge fund.

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This study aimed to explore the roles of students&amp / #8217 / motivational beliefs (self-efficacy, intrinsic value, test anxiety) and learning styles on tenth grade students&amp / #8217 / biology achievement. In this study Turkish version of the Motivated Strategies for Learning Questionnaire, Learning Style Inventory, and Biology Achievement Test were used as measuring instruments. Motivated Strategies for Learning Questionnaire was adapted into Turkish and pilot tested with 238 tenth grade students from two representative schools. The main study was conducted in 11 randomly selected schools throughout the &Ccedil / ankaya and Yenimahalle districts of Ankara with a total of 980 tenth grade students in fall 2002-2003 semester. The data obtained from the administration of the measuring instruments were analyzed by using analyses of covariance (ANCOVA) and bivariate correlations. Results of the statistical analyses indicated that students&amp / #8217 / learning styles had a significant effect on their biology achievement when students&amp / #8217 / motivational beliefs were controlled. The most common learning style type was found to be assimilating for the subjects of this study. Moreover, the biology achievement test mean scores of assimilators were found to be higher than that of convergers, divergers, and accommodators. Bivariate correlations revealed low positive correlations between each of the three components of motivational belief and students&amp / #8217 / biology achievement.

The field of environmental ethics has been in discussion and debate the past 40 years over how to best expand the circle of moral consideration away from a privileged human perspective to encompass the rest of the non-human world in order to change minds and social practices to address environmental degradation and destruction. One of the main methods is devoted to arguing for the intrinsic value of non-human lives and places as the means to do this. I argue that this method of environmental ethics because it, at best, is a lazy framework for moral deliberation that ignores the entangled sociopolitical and environmental complexity of a situation by reducing the answer to a single set of predetermined values and interests which (re)produces and reinforces social and environmental injustice. An environmental pragmatist approach geared towards addressing environmental injustice is a better way of addressing both environmental degradation and social inequalities.

The aim of this diploma thesis is to do a fundamental analysis of selected stock title. The main part of thesis is the implementation of the theoretical experience in global, sectoral and corporate analysis. It will be determined intrinsic value of shares of company Philip Morris CR, Inc. In first will be calculated three input that are needed for further calculations. The second step is the calculation of the intrinsic value of the shares of several models. The chosen methods are single-step dividend discount model, Free Cash Flow to Equity and two historical models. Finally, it will be proposed investment recommendations based on the comparison of the actual values based on market prices.