Zugl.: München, Tech. Univ., Diss., 2007

University, Diss., 2009--München.

No description available.

I investigate whether investors have statistically significant negative reactions to the local clients of sanctioned auditors at the time of the PCAOB’s announcement of an enforcement action against that auditor. I also investigate whether or not the significance of the reactions has uniformly varied over time to account for the possibility of changing comprehensiveness in PCAOB enforcement actions. I measure abnormal returns using CAPM over three different measurement periods. I also disaggregate the data by year of enforcement action. 6 of the 27 data sets produced a statistically significant negative abnormal return suggesting that clients of sanctioned auditors do experience statistically significant abnormal negative returns at the time of the PCAOB’s announcement of the enforcement action. The significance of the abnormal returns did not vary overtime.

This dissertation consists of two essays in the area of corporate voluntary disclosure of predecision information. The first essay entitled, "Disclosure Choice in a Duopoly", focusses on the phenomenon of partial disclosure, where the manager of the firm discloses selected signals and withholds the rest. The manager may or may not receive private information which is related to both firm-specific and industry-wide common factors. The motivation for disclosure (non-disclosure) is derived from the proprietary nature of the manager's private information. The cost (benefit) of disclosure is modelled in an imperfectly competitive product market, where an uninformed opponent’s reaction to a disclosure affects the manager's expected profit. Our results indicate that the nature of the manager's optimal disclosure policy is crucially dependent on whether the signal is more informative about firm-specific or industry-wide common factors. Unfavourable news is disclosed and favourable news withheld if the signal is more informative about common factors. On the other hand, favourable news is disclosed and unfavourable news is withheld if the signal is more informative about firm-specific factors. Comparative statics show that the sensitivity of the optimal disclosure policy and the probability of disclosure to some key parameters are also dependent on this characteristic of a signal. The empirical implications of our results suggest that when testing hypotheses involving voluntary disclosures, failure to take the above characteristic into account may confound the results. The second essay entitled, "Disclosure and Reputation in Credit Markets", deals with a different aspect of voluntary disclosures. A reputation game is modelled in the absence of credible disclosure. The manager's ability with respect to obtaining predecision information is of interest to the firm's creditors. The manager's future nominal interest charges depend on the creditors' belief about the manager's ability, i.e., on his reputation. Hence, the manager attempts to communicate this ability through sub-optimal production choice and creditors learn about the manager by observing the end of period revenue realization. If credible disclosures are possible the manager may make direct disclosures to communicate his information gathering ability to the creditors. This alternative mechanism avoids the cost of reputation building incurred by selecting a suboptimal project. However, it is shown that if these two mechanisms for reputation acquisition are not "independent", then the possibility of disclosure increases the manager's incentive to select a sub-optimal action. / Business, Sauder School of / Graduate

Práce se zabývá teorií investičního plánování a analýzou výhodnosti investování do nemovitostí prostřednictvím speciálních fondů kvalifikovaných investorů aplikovaných na vybranou firmu. Analyzuje ekonomickou podstatu těchto investic a otázky související s jejich výnosností a rizikem. V teoretické části je popsán proces investičního plánování projektu: jeho předinvestiční příprava i průběh realizace. Pro hodnocení efektivnosti investice jsou uvedeny vybrané ukazatele a metody měření efektivnosti. Nedílnou součástí investičního plánování je i zajištění financování, zde je uvažováno bankovní financování, jehož alternativou je právě fond kvalifikovaných investorů. V praktické části práce je popsány obchodní strategie vybrané firmy a její možná pozice na trhu rezidenčních nemovitostí. Jsou vyhodnoceny nejen finanční výkazy ale i výhodnost investování prostřednictvím fondu kvalifikovaných investorů. V této souvislosti jsou v práci zmíněna i nová pravidla nízké kapitalizace plynoucí z daňové reformy přijaté k 1. 1. 2008.

[pt] Em artigo publicado em 1986 no Journal of Finance, - LYON Taming - [14], John McConnell e Eduardo Schwartz desenvolveram um modelo para apreçamento do Liquid Yield Option Note (LYON), um título que não paga cupom, em que o investidor possui opção de venda e o direito de convertê-lo em um determinado número de ações do emissor que, por sua vez, possui opção de compra, na qual, assim como no caso da opção de venda, o ativo objeto é o próprio título. Como estão inerentes ao título opções e conversibilidade, não é surpresa que a maneira apropriada de analisá-lo é tratando-o como um ativo contingencial 1, valorando-o de acordo com a teoria de apreçamento de opções, desenvolvida por Black and Sholes [4] e estendida por Merton [22]. McConnell e Schwartz simplificaram o problema ao assumir as taxas de juros como determinísticas e dependentes somente do tempo. Devido à premissa adotada, em linhas gerais, o modelo por eles criado norteia-se na resolução da equação diferencial para um derivativo dependente de uma ação que paga dividendo contínuo. Seguindo a linha de McConnell e Schwartz, o presente trabalho consiste no desenvolvimento de um modelo para apreçamento do LYON considerando como variável estocástica o preço da ação do emissor. Resumidamente, o trabalho consiste na determinação da equação diferencial que determina o comportamento do título e das condições de contorno adequadas. Para resolução da equação, propôs-se o Método das Diferenças Finitas Implícito, por sua aplicabilidade e eficiência ao tipo de problema em questão. O trabalho apresenta também o cálculo das probabilidades de exercício da conversibilidade e das opções, aplicando-se, para tal,a metodologia da Simulação de Monte Carlo.Uma etapa final consistirá na análise e comparação dosresultados obtidos com o modelo em relação aqueles apresentados por McConnell e Schwartz no artigo supracitado. / [en] In their 1986 Journal of Finance article, - LYON Taming - John McConnell and Eduardo Schwartz outlined a technique for pricing Liquid Yield Option Notes (LYONs). In the words of McConnell and Schwartz, A LYON is a zero coupon note which is convertible, callable and redeemable. The convertible aspect of the LYON allows the holder of the note to convert the LYON at any time into a predetermined number of shares of the issue s stock. The callable clause of the contract inables the issuer of the LYON to call the LYON for either, according to the choice of holder, the exercise price of the call option or for an equivalent amount issuer stock. Finally, the holder has the choice to redeem the LYON for a predetermined monetary amount. Considering the fact that these kind of assets have embedded derivatives (i.e., puts and calls), it is quite intuitive that the appropriate way to analyze them is through the contingent claim methodology, valuing them according to the Pricing Options Theory - developed by Black and Shole [4] and extended by Merton [22] - McConnell and Schwartz simplified the problem by assuming that, for an instance, the interest rate were flat and known. Based on that, the main idea behind the model is solving the differential equation that describes the behavior of that bond as a function of the stock price (stochastic variable) and the time horizon till the maturity of the bond.Based on these ideas, this dissertation will present an alternative approach that is not only concerned on the valuation mechanism, but mainly onthe correct analysis. Summarizing, this research consists in determining the differential equation that governs the bonds price behavior as well as the correct boundary conditions- and apply numerical methods (Finite Differences Method, described at the end of the document) to solve it. After that, a framework necessary for the implementation of the probability of conversion and the probabilities of call and put will be presented. The biggest objective at this moment is to compare the results obtained through the model proposed against the one created by McConnell and Schwartz.

Diss. Univ. St. Gallen 2007 ; Nr. 3383. / Literaturverz.

This thesis seeks to examine the status of retail investors’ protection in the Hellenic legal order, under the light of EU law; focusing on investment firm failure as a result of tort, it investigates whether the EU and Hellenic normative systems aim at and achieve effective protection of retail investors. It explores in particular the issue of ex lege liability of compensation schemes and the issue of non-contractual liability of supervisory authorities. In case of intermediary failure the minimum protection is awarded by EU law in the form of ex lege compensation does not establish a coherent system, and the legal status of retail investors vis-à-vis depositors remains uncertain in many respects. The ECJ has denied application of the acquis on individual protection to depositors in Peter Paul, with regard to non-contractual liability of supervisors, but the application of its reasoning in the area of investment services is doubtful. The new EU finance law and architecture does not fundamentally affect these conclusions. On the other hand, retail investor protection may validly be considered as an autonomous aim of finance law in the Hellenic legal order. Despite inefficiencies connected also to the structure of relevant EU rules transposed, and despite the incoherence of the various national rules on the liquidation of financial intermediaries and the operation of compensation schemes –in particular with regard to claim verification– yet effective protection of retail investors may a priori be achieved through the existing national judicial mechanism. This dynamic is demonstrated by recent case-law on protection of retail investors in the context of ex lege compensation; yet it seems to lessen in the area of non-contractual liability of supervisors. Even though ex lege immunity of supervisors has been denied by case-law, the effectiveness of protection has been mitigated by the strict substantive criteria formulated.

Diplomová práce je postavena na třech hlavních kapitolách, z nich první dvě se staly východiskem pro vytvoření třetí kapitoly a to projektu. První část práce je zaměřena na teoretické poznatky, které jsou spojené s tématem diplomové práce. Druhá část práce je věnována analýze jednotlivých faktorů, jež ovlivňují rozhodování zahraničních investorů při vstupu do České republiky. Analýza je zaměřena na faktor lidských zdrojů, infrastruktury, surovin a připravenosti území, státní regulace, finančních a výrobních trhů. Východiskem této analýzy je SWOT analýza, stanovení silných a slabých stránek a také příležitostí a hrozeb, týkajících se České republiky. V této části práce je zhodnocena i práce agentury CzechInvest a systém investičních pobídek. Analytická část se stala východiskem pro třetí část práce, kde je navržena soustava opatření vedoucí ke zvýšení atraktivity České republiky pro vstup zahraničních investorů. Projektová část práce vychází jak z teoretických tak i z analytických poznatků, které vedly ke stanovení navržených opatření.