The real-estate faced serious recession recently in Taiwan, it caused several famous listed constructional investment companies to result in financial crisis. The constructional investment companies made high profit due to real-estate¡¦s prosperity in the past. Currently, it, however, faces heavy pressure on business operation due to recession in the real-estate. The auto-makers in Japan accepts target costing, because it helps companies to combine the cost management and strategic goals to enhance the companies¡¦ competition. The key point of this thesis, therefore, tries to analyze the target costing that applies to constructional investment companies; and ultimately attempts to provide a conceptual system that helps the companies to make decision. The research makes some propositions based on literatures, and other sources. Secondly, the difference between the current operations and target costing is understood. The final step attempts to modify the propositions according to company interviews; and as a result, contributions are made when the constructional investment companies evaluate and implement the target costing.

Thesis (M.A.)--University of Wisconsin, 1928. / Typescript (photocopy). eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (p. 81-82).

The first chapter deals with basic issues of mutual fund industry. The aim of this chapter is to look at mutual fund as an institution especially from a fundamental economic perspective and come through into its economic nature. Furthermore the chapter contain description of main benefits of mutual funds as compared with the individual investment, draws attention to the problem of conflicts of interest and contains the basic classification of investment funds. The aim of the second chapter is to describe in basic features of legal framework of mutual fund industry in Czech Republic in the light of new Investment Company and Investment Fund Law. With regard to the scope of respective law, focuses the chapter mainly on applicability, structure, individual persons, legal forms and on some chosen questions. Content of the third chapter is brief treatise about taxation with respect to the mutual fund industry. This include case study performed on model situation and outline to the investment fund taxation in Luxembourg and Cayman Islands. The goal of this chapter is to evaluate whether intention to set up an attractive tax environment in the Czech Republic was successful or not.

Investment company in managing funds of the qualified investors The aim of this proposed thesis is a qualitative analysis of the internal mechanisms of operations of an investment company in managing a fund of qualified investors. The stated goal is to relatively analyse the organism, which is providing the managing portfolio in the ownership of the fund by abstracting the most important processes that are taking place in such matter. The thesis is divided in a logical order from the historical genesis of collective investment through a brief analysis of the basic subjects of collective investment up to a qualitative analysis of the issues relating to the management of the assets of an externally managed fund with regard to the division of functions of individual bodies inside the investment structure. In conclusion, following the qualitative analysis of the activities of the individual bodies of the investment company - I then, on an example of the acquisition process, attempt to analyse and break down the roles of the individual bodies performing as a part of the acquisition of an asset to the portfolio of an externally managed investment fund.

The aim of this thesis is to summarize the development of the legislative framework of investment companies and funds in the Czech Republic from the beginning of privatization until the present. Make the reader familiar with the financial accounting and reporting of investment companies and funds, not only with the Czech legislature but also with two main world concepts-IFRS/IAS and US GAAP. Analyse possibilities of the future development of these concepts in the field of financial reporting of investment companies and funds with presumption of its continuous convergence.

Baigiamajame magistro darbe nagrinėjamas investicinių fondų valdymo vaidmuo plėtojant šalies ekonomiką augančios globalizacijos kontekste ir ekonominio klestėjimo sferoje. Akcentuojama rizikos kapitalo fondų reikšmė didinant šalies konkurencingumą kitų šalių atžvilgiu, pritraukiant tiesiogines užsienio investicijas bei skatinant inovacijas. Išnagrinėti pagrindiniai teoriniai principai, kuriais remiantis nustatoma investicijų, investicinių fondų bei investicinių bendrovių samprata šiuolaikinėje literatūroje bei jų pokyčių tendencijos, analizuojamos įvairios investicijų formos, nustatomi tokio kapitalo panaudojimo tikslai bei lūkesčiai. Nagrinėjama investicijų skatinimo, būtent rizikos kapitalo pritraukimo į šalį būtinumas, rezultatyviai sekančios pasekmės. Atlikto tyrimo metodika susideda iš Lietuvos bei Europos sąjungos makroekonominių rodiklių analizės, koreliacinės regresinės analizės. Analizuojama Lietuvos investicinė situacija tarptautinėje rinkoje, jos investicinio klimato patrauklumas, stiprybės ir silpnybės. Iškeliama hipotezė, ar šalies investicijos į mokslinius tyrimus ir eksperimentinę plėtrą įtakoja užsienio investuotojų susidomėjimą. Ši analizė yra svarbi vertinant perspektyvias rizikos kapitalo potencialo kryptis ir galimybes, atsižvelgiant į globalizacijos ir inovacinės plėtros didėjančią svarbą, naujų ekonominių pranašumų bei konkurencingumo būtinybę žinių visuomenėje. Darbe pateikiami veiksniai, nulemiantys sėkmingą investicijų skatinimą šalyje, siūlomi... [toliau žr. visą tekstą] / The thesis examines the notion and functions of management of investment funds in growing globalization and prosperous country’s environment. Emphasizing the impact of venture capital, it develops their value in increasing the competitiveness in international market, attracting direct foreign investments, stimulating innovations. It analyses main theoretical aspects of investments, investment funds, investment company’s concept in contemporary literature as also gives the exact details about its fluctuation prospects, various forms of investing, their main intentions and expectations. The thesis also explains the reasons of resulting effects for attracting investments in venture capital funds. The methodology of investigation consists of macroeconomic research on Lithuanian and European Union situation, analysis of correlation and regression. It also points out our country’s situation in the international market of investing, its investment climate attraction, as well as strengths and weaknesses. This work raise a hypothesis that country is more attractive for investments if it budgets more into domestic research and development. The above mentioned analysis is rather important for evaluating perspective venture capital trends and possibilities of the globalization as well as with account of growing significance of the innovation within the knowledge society. Analytically developed results provides with factors of prosperous influence which guarantees big foreign investment... [to full text]

A discount to the net asset value of Swedish investment companies is something that have existed for decades and a general explanation for the cause have not been found. The aim of this thesis is to find the the factors that impact the discount to net asset value of Swedish investment companies. The result will later be used to for comparison to gain a better understanding of the different causes behind the discount and in what way they differ among the companies. This will be done by using regression analysis. The results indicate that unlisted holdings contribute greatly to the discount but can't be used as a general explanation for the discount as investment companies which only hold listed holdings trade at a discount as well. Furthermore when foreign ownership or institutional ownership of the investment companies increase, the discount decreases as it signals to the market that their value is fair. / En substansrabatt hos svenska investmentbolag är något som har existerat i årtionden, men ändå har ingen generell förklaring till dessa kunnat hittats. Detta kandidatexamensarbete syftar att försöka hitta de variabler som ger upphov till substansrabatt hos svenska investmentbolag. Resultatet används sedan för att med jämförelse förstå de olika orsakerna som ger upphov till rabatten och varför det inte är samma förklaring mellan de olika bolagen. Resultaten indikerade att olistade bolag bidrar stort till rabatten men att det inte kan användas som en generell förklaring då det finns investmentbolag med en portfölj som bara innehåller listade bolag men som ändå har en substansrabatt. Vidare visar det sig att substansrabatten minskar när andelen utländsk eller institutionellt ägande av investmentbolaget ökar eftersom det signalerar till marknaden att det nuvarande priset är attraktivt.

Sverige har under en längre period befunnits i högkonjunktur, något som enligt rapporter från Riksbanken troligtvis kommer att mattas av inom en snar framtid. I sämre tider är det av vikt att ha stabila tillgångar i sin portfölj och fastigheter kan då vara ett intressant investeringsalternativ med sin låga korrelation i förhållande till många andra tillgångsslag. I denna studie har det fastighetsinriktade investmentbolaget Fastator och dess portfölj studerats. Fastators portfölj består av bolag som samtliga är verksamma inom fastighetsbranschen. Ägarandelarna uppgår till mellan 50 till 100% och Fastators roll i bolagens verksamheter varierar beroende på hur pass involverade de önskar vara samt om de vill anta en aktiv, projektbaserad eller finansiell roll i bolagen.Studien har vidare undersökt i vilket utsträckning Fastators portfölj kan anses vara diversifierad. Utifrån teori och tidigare studier om modern portföljteori och diversifiering har analysen försökt besvara studiens två inledande frågeställningar. För att kunna förstå hur pass diversifierad Fastators portfölj är har innehaven kategoriserats utifrån fastighetstyp och geografi. Identifieringen av de olika fastighetstyper som förekommer på den svenska fastighetsmarknaden har gjorts genom att titta på de tio största svenska fastighetsbolagen baserat på marknadsvärde.Avslutningsvis har en slutsats av studien presenterats som visar på att Fastators portfölj inte kan anses vara diversifierad, detta då deras portfölj inte kan anses vara jämt viktad enligt den moderna portföljteorin. / Sweden has had a booming economy during the recent years. The Swedish Riksbank however believes that the economy will slow down in the near future. During times of uncertainty stable assets are often preferable where real estate assets are one interesting option with a low correlation to many other asset classes. This study examines the portfolio the real estate investment company Fastator consisting of companies active in the real estate sector. Fastator's ownership share in the companies are between 50 to 100% and their level of activity in each investment depends on whether they are acting as an active owner, on a project basis or keeing the investment as a financial asset.The study has analyzed Fastator's portfolio to see if it, based on modern portfolio theory and theories around diversification, could be considered as being diversified. Earlier studies in the field have also been examined to assist in answering the question. The evaluation of the portfolio's diversification is based on geographical locations of the underlying assets as well as the property types in the portfolio. Knowledge on the various property types that exist was obtained by looking at the portfolios of the largest real estate companies in Sweden.It is concluded that Fastator's portfolio cannot be considered diversified since the portfolio is not evenly weighted as required in the theory of modern portfolio.

Examensarbete i foretagsekonomi, Ekonomihögskolan vid Linnéuniversitetet, 2FE93E, VT 2017 Författare Johan Asplund, Henrik Norrman och Therese Rodger Handledare Andreas Stephan Titel Hur investmentbolag paverkar kapitalstrukturen i sina innehav - En fallstudie av Ratos Bakgrund Bolags kapitalstruktur, fördelningen mellan bolagets tillgångar och skulder, visar hur bolaget finansierar sin verksamhet. Private Equity bolag lånar kapital för att kunna investera i nya uppköp av onoterade bolag och har ofta en begränsad planerad ägarhorisont. Kapitalstruktur har undersökts under lång tid men inte hur en majoritetsägare påverkar kapitalstrukturen i sina andelsbolag. Tidigare studier fokuserar pa exempelvis kapitalstrukturer i industriföretag eller kapitalstrukturer i småforetag. Syfte Syftet med studien ar att analysera om ett investmentbolag påverkar kapitalstrukturen i sina innehavsbolag nar de genom uppköp har gått in som en majoritetsägare i dessa bolag och vilka effekter förändringen kan leda till. Metod Studien utgår från en kvantitativ ansats där finansiella nyckeltal av Ratos innehavsbolag undersöks före och efter det att Ratos gått in som majoritetsagare i bolaget. Dessa nyckeltal jämförs sedan med branschspecifika nyckeltal genererade från SCB. Resultat I studien återfinns inget entydigt bevis på att vårt valda Private Equity bolag, Ratos, ändrar kapitalstrukturen väsentligt på något sätt efter att ha gått in som majoritetsägare i ett bolag. / A company’s choice of capital structure is a well documented field in financial research but no unambiguous results are available regarding how the company is best financed or what actually defines the optimal capital structure for a company. The purpose of this study is to examine the possible changes on a company’s capital structure once a Private Equity company has become the majority owner. In this study a deductive approach has been used and a quantitative survey has been applied. Financial ratios from yearly reports of companies before and after the Swedish Private Equity company Ratos became the majority owner have been analysed and compared with the hypothesis that a Private Equity majority owner would significantly change the capital structure of the acquired company. The selection criteria for the companies was that Ratos should own more than 50 % of the company in order to actually have an impact on how the company is financed, in addition the selected companies needed to have data available in the form of yearly reports both prior to Ratos becoming the majority owner and at least two years afterwards in order to study the eventual changes of the take over. Financial ratios such as debt to equity ratio, leverage and return on equity were then calculated and results analysed. Theories of capital structure such as the Trade off theory, Pecking order theory, Miller and Modigliani and the Agency theory have also been applied to analyse the outcome. The method of comparison used was the differencein-difference method with data from Statistics Sweden (SCB) from similar relevant companies. The results of this study do not indicate that the capital structure of the company changes significantly within the first two years after acquisition by the majority owner Ratos. Suggestions for further studies would be to analyse a wider group of Private Equity companies as majority owners and observe eventual changes in capital structure in takeovers.

For decades, business press and researchers have observed and investigated the premiums/discounts on closed end investment companies. Proposed explanations for the phenomenon have been poor performance, high expenses (due to agency relationships), inefficient internal capital markets and excess volatility in the returns of the shares of the closed-end investment companies. Some, but not conclusive, empirical evidence support these theories. Most empirical evidence is based on American data. This study uses British and Swedish data on closed end investment companies. Some, but not conclusive, empirical evidence support these theories. Most empirical evidence is based on American data. This study uses British and Swedish data on closed end investment companies from 1972 – 2004 to investigate the premiums/discounts. Three areas of explanations are examined: performance, agency costs and diversification. In contrast to previous studies this study uses detailed data on quoted and unquoted securities respectively to investigate the relationship between performance and premiums/discounts. Evidence is found for a relationship between the performance on unquoted securities and premiums/discounts, but not for quoted securities. Indications that measurement biases in unquoted securities are properly priced are also found. The agency problem is analyzed in two ways, formal and controlling power, to investigate if actions taken by the company substantiating agency behavior have additional effects on prices. Such actions are measured as large investments in other portfolio companies (controlling power).  The empirical evidence suggests that the existence of formal power creates additional discounts. The marginal effect on discounts is even deeper when proposed agency actions are identified. Diversification is argued to decrease the value of a portfolio of securities when heterogeneous beliefs are present. This study provides evidence that portfolio diversification deepens discounts. / Diss. Stockholm : Handelshögskolan, 2007