Submitted by Willian Almeida (wawalmeida@gmail.com) on 2013-08-16T22:22:06Z No. of bitstreams: 1 1.pdf: 1666543 bytes, checksum: 50d6dab4e478fd01f296b9c9787d54c1 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2013-08-22T13:48:36Z (GMT) No. of bitstreams: 1 1.pdf: 1666543 bytes, checksum: 50d6dab4e478fd01f296b9c9787d54c1 (MD5) / Made available in DSpace on 2013-08-22T13:50:03Z (GMT). No. of bitstreams: 1 1.pdf: 1666543 bytes, checksum: 50d6dab4e478fd01f296b9c9787d54c1 (MD5) Previous issue date: 2013-05-24 / This work aims to identify the relationship between R&D expenditure and prices per share of integrated oil and gas companies on the NY SE. Return of investiment on R&D spending can be seen when research results are applied to production processes, increasing operational efficiency, reduc ing costs and creating new products. This usage may be a channel to share pric e variations. Whereas spendings in R&D have a long term effect, the analisys includ ed contemporary, lagged and annual aggregate R&D expenditure data. Results poin t to a positive relation between R&D expenditure and share prices. Share price varia tions were better explained by lagged data, and the positive relation becomes stat istically significant when five-years aggregates are employed. This outcome confirms the long term effect of this type of expenditure. / Este trabalho tem objetivo de identificar a relação dos gastos em P&D com os preços das ações das empresas petrolíferas integradas negociadas na NYSE. O retorno do investimento em pesquisa e desenvolvimento ocorre quando o resultado da pesquisa é aplicado aos processos produtivos, gerando assim eficiência operacional, diminuição de custos e novos produtos. Este fato pode ser considerado um canal que influencia o valor da ação. Considerando que o P&D é um investimento de longo prazo, o P&D contemporâneo, suas defasagens e o acumulado anual foram analisados. Os resultados apontaram uma relação positiva entre os gastos em P&D e o valor das ações. Em relação às defasagens, foi identificado que o valor das ações é melhor explicado quando as defasagens do P&D são utilizadas. Além disso, a relação positiva tornou-se estatisticamente significante quando os gastos de cinco anos acumulados foram utilizados. Isto confirma o caráter de longo prazo deste tipo de gasto.

Submitted by Maria Beatriz Vieira (mbeatriz.vieira@gmail.com) on 2017-03-14T15:26:24Z No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) dissertacao_andre_giuriatti.pdf: 629707 bytes, checksum: 45ab8291d2703e0a5be500b247d71658 (MD5) / Approved for entry into archive by Aline Batista (alinehb.ufpel@gmail.com) on 2017-03-17T21:35:55Z (GMT) No. of bitstreams: 2 dissertacao_andre_giuriatti.pdf: 629707 bytes, checksum: 45ab8291d2703e0a5be500b247d71658 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Approved for entry into archive by Aline Batista (alinehb.ufpel@gmail.com) on 2017-03-17T21:37:09Z (GMT) No. of bitstreams: 2 dissertacao_andre_giuriatti.pdf: 629707 bytes, checksum: 45ab8291d2703e0a5be500b247d71658 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-03-17T21:37:18Z (GMT). No. of bitstreams: 2 dissertacao_andre_giuriatti.pdf: 629707 bytes, checksum: 45ab8291d2703e0a5be500b247d71658 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2015-06-02 / Sem bolsa / Este trabalho teve como objetivo apresentar a Participação no mercado sobre a venda de defensivos e sementes de uma empresa de Primavera do Leste - MT. Consiste em análise de VPM Potencial em vendas e marketing share da carteira subdivididos em Crop e Seeds nos anos correspondentes a 2013 e 2014. Para isso foram levantadas as áreas de plantio de soja, milho e algodão dos produtores, usando um índice tecnológico multiplicando pela área plantada e conhecendo o VPM (potencial de venda) de cada cliente e consecutivamente a carteira como um todo. Para Crop usou-se os valores em dólares que cada cultura tem como custo por ha, estes valores foram previstos pela Syngenta nos dois anos consecutivos de: U$ 200,00/Ha em soja, U$ 75,00/Ha em milho, U$ 850,00/Ha em algodão. Para Seeds os valores do índice tecnológico para soja foram de U$ 50,00/Ha, em milho U$ 100,00/Ha e em algodão de U$ 150,00/Ha. Constatou-se que teve um aumento em vendas e consequentemente aumento de Share tanto para Crop como Seeds em 2013 para U$ 11,61 MIO com relação ao comprometimento de U$ 9,5 MIO chegando ao total de MS de 25,8 %. Já no ano de 2014 obteve um aumento em vendas tanto para Crop como Seeds de U$ 14,88 MIO com relação ao comprometimento de U$ 11,9 MIO chegando ao total de MS de 33,1 %. / This study aimed to present the Market share on the sale of pesticides and seeds of Primavera do Leste company - MT. It consists of analysis of VPM potential in sales and marketing share of the portfolio divided into Crop and Seeds in the years corresponding to 2013 and 2014. For that were raised soybean planting areas, corn and cotton producers, using a technology index by multiplying the area planted and knowing the VPM (potential sales) of each client and consecutively the portfolio as a whole. For Crop used to the dollar amounts that each culture has the cost per ha, these figures were provided by Syngenta in two consecutive years: U $ 200.00 / ha in soybean, U $ 75.00 / ha in maize, U $ 850.00 / Ha on cotton. Seeds for the values of the technological content for soybeans were of U $ 50.00 / ha, corn US $ 100.00 / ha and cotton U $ 150.00 / Ha. It appeared that had an increase in sales and consequently increase both Share Crop Seeds as in 2013 to U $ 11.61 MIO with respect to the U commitment $ 9.5 MIO bringing the total to 25.8% MS. In the year 2014 we achieved an increase in sales for both Crop as Seeds of U $ 14.88 MIO regarding the commitment of U $ 11.9 MIO bringing the total of MS of 33.1%.

Dans le contexte actuel de crise financière, le recours des Etats membres aux golden shares est révélateur d’un mouvement de protection des entreprises nationales à l’encontre des investisseurs étrangers. Or, ce mécanisme tombe sous le coup des normes de l’Union. De l’application de ces règles émerge un cadre juridique autonome qui soumet ce régime de propriété particulier des Etats membres au respect de la libre circulation des capitaux et de la liberté d’établissement. Si les golden shares ne sont pas interdites per se, le contrôle strict, effectué tant par la Commission que la Cour de justice, souligne la faible marge de manœuvre qui est octroyée aux Etats membres dans l’utilisation du dispositif. Ce contrôle a une double incidence. Il permet, tout d’abord, de souligner certaines incohérences éventuelles qu’une telle analyse pourrait engendrée dans le droit de l’Union. En ce sens, une remise en question des éléments du cadre juridique peut s’avérer fortuite. Il révèle, ensuite, les limites à la constitution d’un véritable marché intérieur. Les Etats membres sont enclins à se réapproprier le dispositif des golden shares par des moyens détournés. Leurs tentatives révèlent un malaise plus profond, celui de la crainte des investissements étrangers dans les entreprises nationales opérant dans des secteurs stratégiques. Se pose alors la question de l’opportunité d’un mécanisme commun de contrôle des investissements étrangers. La réponse à la crise se veut ainsi à l’échelle de l’Union, et plus seulement à celle des Etats membres. / In the currrent context of financial crisis, the recourse of Member States to golden shares reveals the ongoing movement to protect domestic firms against foreign investors. This mechanism however falls within the scope of EU norms. From the application of these rules emerges an autonomous legal framework which submit this particular ownership regime of Member States to comply with the free movement of capital and freedom of establishment. If golden shares are not prohibited per se, the strict control undertaken by both the Commission and the Court of Justice only leaves a limited marge de manoeuvre to Member States in the use of such device.This control has a dual incidence. Firstly, it allows to point out some inconsistencies that such analysis could generated in EU law. To that extent, calling into question the elements of the legal framework may be relevant. Secondly, it reveals the limits of the constitution of a truly internal market. Member States are likely to restore the golden shares mechanism by devious means. Their attempts reveal a deeper malaise, the fear of foreign investment in domestic companies operating in strategic sectors. This questions the opportunity of a common instrument to control foreign investment. Response to the crisis must be taken at the level of the European Union, and not anymore at Member States’.

This master thesis deals with research of Subjective Quality of Life for population fifty years old or more, depending on the selected demographic, social and economic indicators. More and more people live to the older ages, and thus important question of living conditions and well being of this ageing population comes forward. General concept of Quality of Life of older people is described on wide theoretical scale with focus on the cause of the phenomenon, Demographic Ageing of populations. The Demographic Ageing is described not only on the theoretical level, but also in a quantitative way. There are specific fertility rates introduced according to an age of a mother while birth giving, or still increasing Life Expectancy at Birth for both males and females. To explore the dependencies of Subjective Quality of Life on selected indicators, there is a statistical model introduced. The input indicators come from the European panel data research Survey of Health, Ageing and Retirement in Europe. Techniques used for analyzing the data are Analysis of variance for one single wave (held around year 2013) and Panel data analysis for all available waves (from 2004 to 2013). The results from both analyses for the Czech Republic are compared with results for selected countries, Germany, Sweden, Spain, Italy and Greece. From the SHARE data set can be read the following results. The variable Age significantly influences all included models for all selected countries, the similar influence can be observed for the Education. For almost all countries and models is proving of the significant influence of Gender to Subjective Quality of Life indefinite (we are not able to observe significant influence). Also the influence of the variable Living alone/with other people is not perfectly convincing. On the other hand, significantly observable categories are Unemployed and Permanently sick or disabled. The question of Quality of Life is related to all parts of population. While the number of older people in population increases, this question of the quality of their lives becomes more and more important. The way how to secure those needed, powerless and often vulnerable people in a decent way and with dignity is not easy.

In my diploma thesis I described the mostly spread legal form of entrepreneurship in the Czech republic, the limited liability company. I analyzed the basic characteristics of the limited liability company including conditions of the establishment, time demands and administrative difficulties of this process. I also focused on its partners and described who can become a partner, how and under what circumstances. Special attention was paid to their rights and obligations. The goal of this thesis was to find out advantages of entrepreneurship in the limited liability company. My conclusion was based on both, the practical and the theoretical knowledge.

This paper analyses options/warrants price behavior around an ex-dividend day of underlying shares. Both equity options as financial instruments traded on options exchanges, and warrants/certificates as OTC financial instruments are analyzed. First, the paper analyzes the ex-dividend day share price drop. Findings of this part are further used to analyze the impact of unexpected share price decline on options prices. Further, the paper focuses on volumes of traded options contracts and changes in options prices around the ex-dividend day. The paper focuses on European shares and related options and warrants. The options data was collected from the options exchange EUREX and also from several OTC sources -- Vontobel, Lang & Schwarz, Erste, and xMarkets by Deutsche Börse. The main aim of the paper is to identify market inefficiencies in trading in and valuation of equity options. There are two main conclusions that around the ex-dividend day there is a significantly increased trading activity and the call options depreciate whereas put options appreciate between the cum-dividend and the ex-dividend day. This shows insufficient implementation of the share price drops into options valuation models of options dealers or investors / speculators. Further an impact of unexpected share price behavior was analyzed but no particular pattern has been identified. The impact of the unexpected share price drop (either too high or too low) has ambiguous implications on the options prices. Finally, ways how to utilize on knowledge of inefficient trading in options around the ex-dividend day were suggested. The suggestions were done both from the perspective of an investor / speculator and of an options dealer.

By using panel data from SHARE this thesis shows, that retirement has a negative effect on indicators of physical and mental health. Results from using fixed effects models suggest that retirement leads to 0,85 points increase in chronic diseases, 0,3 points increase in difficulties associated with mobility and 0,07 points increase in body mass index. Also retirement increases the level of depression by 0,5 points. According to the results, the effect of retirement on memory is also negative.

This thesis compares prices of shares of construction of buildings for five energy-saving family houses calculated by public notice with the prices gathered in an itemized budget.

The diploma thesis deals with the financial analysis of European joint stock companies in the pharmaceutical sector in order to expand the investment portfolio of a field-oriented fund of qualified investors. Selected companies are subjected to financial analysis by selected ratios. Based on these data, they are compared with each other by the method of intercompany comparison according to specified weights and verified in terms of their possible bankruptcy. With the help of these outputs, a proposal to expand the fund's investment portfolio is subsequently formulated.

Titel: Goodwillredovisningens värderelevans i de börsnoterade bolagens finansiella rapporter. Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi Författare: Lisa Renvall och Daniella Sajfi Handledare: Fredrik Hartwig Datum: 2021-Juni Syfte: Syftet med föreliggande studie är att undersöka huruvida en goodwillnedskrivning på svenska bolag noterade på Stockholmsbörsen påverkar deras värdering Metod: Denna uppsats präglas av en kvantitativ forskningsmetod med en deduktiv ansats. Data har samlats in via alla börsnoterade bolagens årsredovisningar på Stockholmsbörsen, Large, Mid och Small Cap mellan åren 2005 - 2019. Vidare har ytterligare data samlats in via databasen Thomson Reuters Eikon. Med hjälp av de sammanställda data har en korrelations - regressionsanalys samt ytterligare t-tester om goodwillposten utförts.  Resultat & slutsats: Hypotesprövningarna kunde stödja alla tre hypoteser som formulerades. Resultaten visade på att en goodwillnedskrivning inte har någon effekt på aktiekursen. Hypotes två och tre testade om goodwillposten tagit en större andel av totala tillgångar mellan 2005–2019 samt att goodwillnedskrivningen minskat mellan dessa år, vilka vi fann stöd till.  Examensarbetets bidrag: Studiens resultat bidrar till ökat kunskap kring goodwillpostens betydelse i börsnoterade bolagens balansräkning. Den bidrar med kunskapen att en goodwillnedskrivning inte har någon signifikant effekt på aktiekursen. Resultaten bidrar även till en pågående stor diskussion mellan olika redovisningsorgan. Förslag till fortsatt forskning: Första förslaget till vidare forskning är att utföra studien i andra länder eller kombinera andra länder med Sverige. Denna studie har endast utförts i Sverige och resultat är därför endast applicerbara på den svenska marknaden. Men för vidare forskning kan studier med utländska bolag göras för att förstå deras tankesätt kring goodwillposten. Ett annat förslag är att använda så kallade avkastningsmodeller som har i syfte att visa aktieprisets förändring över tid. / Title: The goodwill accounting value relevance in the listed companies' financial reports. Level: Student thesis, final assignment for bachelor’s degree in business administration  Author: Lisa Renvall and Daniella Sajfi Supervisor: Fredrik Hartwig Date: 2021 – June  Aim: The purpose of the study is to examine whether a goodwill impairment on Swedish companies listed on the Stockholm Stock Exchange affects their valuation. Method: This essay is characterized by a quantitative research method with a deductive approach. Data has been collected via all the listed companies' annual reports listed on NASDAQ Stockholm, Large, Mid and Small Cap between the years 2005 - 2019. Furthermore, additional data has been collected from the Thomson Reuters Eikon database. Using the compiled data, a correlation, regression analysis and further t-tests regarding the goodwill were performed. Result & Conclusions: The hypothesis test could support all three hypotheses. The results showed that a goodwill impairment has no effect on the share price. Hypothesis 2 and hypothesis 3 tested whether goodwill took a larger share of the total assets between the years 2005-2019 and that the goodwill impairments decreased between these years in which we found support for. Contribution of the thesis: The results of the study contribute to increased knowledge about the importance of goodwill in the listed companies' balance sheet. It contributes with the knowledge that a goodwill impairment has no significant effect on the share price. The results also contribute to an ongoing major discussion between different accounting bodies. Suggestions for future research: The first proposal for further research is to carry out the study in other countries or combine other countries with Sweden. This study has only been performed in Sweden and results are therefore only applicable on the Swedish market. But for further research, studies with foreign companies can be done to understand their way of thinking about goodwill. Another proposal is to use so-called return models that aim to show the change in share prices over time.