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Abstract The accounting method about employee stock bonus has become popular issue recently. The most disputable problem is: whether employee stock bonus debts expense? Does the employee stock bonus expense measure by face value or market value? If employee stock bonus debts expense, technologic firms have negative affect on net income, even makes them unprofitable. Technologic firms worry about their stock price decreased by recording employee stock bonus expense, so they disagree with this accounting method. To understand investors¡¦ reaction about recording employee stock bonus expense, I link the valuation on cooperate equity with accounting method of employee stock bonus by using Ohlson (1995) valuation model. The period of data is during 2001. I investigate the market¡¦s perception of the economic effect of employee stock bonus on firm value for a sample of 61 profitable technologic companies by using ¡§Retained Earning Method¡¨, ¡§Face Value Method¡¨ and ¡§Market Value Method¡¨ and observe investors how to value ¡§Employee Stock Bonus Expense¡¨. My results suggest that if technologic firms debt employee stock bonus expense by using ¡§Market Value Method¡¨, market has the highest valuation on firms¡¦ value. In addition, the market appears to value these firms¡¦ ¡§Employee Stock Bonus Expense¡¨ not as an expense but as an intangible asset. Key Words: Employee Stock Bonus, equity valuation, Ohlson Model

The cost of construction projects depends on their size, complexity, and duration. Construction management applies effective management techniques to the planning, design, and construction of a project from conception to completion for the purpose of controlling time, cost and quality. A real options approach in construction projects, improves strategic thinking by helping planners recognize, design and use flexible alternatives to manage dynamic uncertainty. In order to manage uncertainty using this approach, it is necessary to value the real options. Real option models assume independence of option holder and the impacts of underlying uncertainties on performance and value. The current work proposes and initially tests whether project management reduces the value of real options. The example of resource allocation is used to test this hypothesis. Based on the results, it is concluded that project management reduces the value of real options by reducing variance of the exercise signal and the difference between exercise conditions and the mean exercise signal.

Interbrand consulting group started a co-investigation with Business Week since 2001. They announced a top 100 brand list which consists of brands possess greatest brand values. Brand has been an attention-grabbing issue for a decade. In 2003, Bureau of Foreign Trade applied this brand evaluation methodology, and invited Interbrand as the evaluator for Taiwanese brands. The results indicate that there are significant gaps between Taiwanese brands and worldwide top tier brands. However, it is not an easy task to bridge the gap via learning ¡V no generalized rules exist for firms to follow. Thus this thesis serves the results of Interbrand¡¦s reports and tried to discover the relation between firm inputs, operation performance and brand values of the top 100 brands for providing a reference to Taiwanese firms willing to run a global brand. This study utilized methodologies such as correlation analysis, regression and case study and drew three conclusions: 1. Balanced focus on R&D, operating income and cost of goods sold is necessary, 2. Differences in brand value drivers are not identical among market segments, which should be addressed, and 3. Firms should view brands as a basic element or crucial strategic resource in their value creation system.

<p>Master Thesis, School of Management and Economics, Växjö University, Advanced Concepts in Logistics Management, FED370, Spring 2006</p><p>Authors: Lina Friberg, Sofia Nilsson and Sofia Wärnbring</p><p>Tutor: Petra Andersson</p><p>Examiner: Lars-Olof Rask</p><p>Title: Inventory Valuation - difficulties; what & why?</p><p>Background: It is important to value inventories accurately in order to meet shareholder needs and demands for financial information. For manufacturing companies, inventories usually represent approximately 20 to 60 percent of their assets; hence it affects companies’ profits. It is essential in which way assets are valued, however, it will be a waste of time if the record accuracy level is poor.</p><p>Research Questions: Why do companies experience problems when valuing inventories? In order to answer this research question, the following question also has to be answered: What problems can be identified?</p><p>Purpose: The purpose of this master thesis is to describe and explain difficulties when valuing inventories.</p><p>Limitations: We are not considering work-in-process and finished goods inventories, only raw material inventory. Neither are we looking at the companies’ internal calculation system, as we believe this will not be relevant for raw material.</p><p>Method: We chose a positivistic view since we were studying our problem from a process perspective. A case study approach was suitable for us as our thesis was written in the form of a project, and we combined our empirical and theoretical data through the deductive approach.</p><p>Conclusions: The problem of inventory valuation does not exist in the pricing aspect. Most problems are connected to quantity. Especially the daily routines were found to be insufficient, thus creating inaccuracies between the physical quantity in inventory and the quantity displayed in the system. Company B, the larger company, was found not to have as many problems as the smaller Company A has.</p><p>Continued research: We believe an overall picture regarding valuation is needed, including the work-in-process and the finished goods inventories. Moreover, deficiencies are often not just found in the processes, but also the humans involved, and how they are motivated to secure accuracy. In addition, an implementation of cycle counting could be interesting to investigate.</p>

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Denna uppsats undersöker om studenters betalningsvilja för en vägtrafikbullerreduktion från 40 dBA till 30 dBA skiljer sig från övriga samhällets betalningsvilja för samma reduktion. Övriga samhällets betalningsvilja för vägtrafikbuller är framräknat av Trafikverket i den årliga ASEK-rapporten. Bakgrunden till denna uppsats är det förslag om en ny bullerlagstiftning som regeringen har lagt fram, vilken gör skillnad mellan studentlägenheter och andra lägenheter vad gäller tillåten vägtrafikbullernivå. Om studenters betalningsvilja för vägtrafikbuller skiljer sig från övriga samhällets kan det, utifrån den aspekten, finnas belägg för en särlagstiftning för studentbostäder. Denna uppsats använder en annan metod än Trafikverket för att få fram respondenternas betalningsvilja. Vår undersökning använder metoden Contingent Valuation (CV) och Trafikverkets beräkningar är baserade på metoden Hedonisk Priser (HP). Det finns problem med båda metoderna och dessa problem finns i viss utsträckning i både vår undersökning och den studie Trafikverkets värden är baserade på. Trafikverkets beräkningar visar att individer värderar en bullerreduktion från 40 till 30 dBA till 245,5 kr/månad och person. Vår undersökning visar att studenter värderar samma bullerreduktion till 583,5/månad och person. Vi drar därför slutsatsen att utifrån vår studie och Trafikverkets bullervärdering verkar studenter ha en högre betalningsvilja för trafikbuller än övriga samhällets, och att det därmed inte finns belägg för en särlagstiftning för studentbostäder utifrån den aspekten.

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Accounting information is an integral part of the information set used by investors. However, accrual based accounting earnings are susceptible to earnings management. Investors are concerned about earnings management since earnings management can distort reported earnings and they may make decisions that they otherwise would not have made. The purpose of this thesis is to examine the impact of earnings management on the informativeness of reported earnings about firm value and analysts' forecasts. Chapter 2 develops an earnings management model and examines the impact of earnings management on income smoothing and the earnings response coefficient. Chapter 3 critically reviews the existing discretionary accrual models and discusses the measurements of earnings management and income smoothing, which are used in the subsequent empirical chapters. Chapter 4 empirically examines the impact of earnings management on the earnings response coefficient after controlling either for the smoothness of pre-managed earnings or for the smoothness of reported earnings. Firms are further decomposed into income smoothing and variance-increasing earnings management firms and the same analyses are repeated. Chapter 5 examines the impact of smoothness of reported earnings and earnings management on the equilibrium demand for analysts' services and the properties of analysts' forecasts. This thesis contributes to our understanding of the impact of earnings management on firm value and analysts' forecasts by providing empirical evidence consistent with the hypothesis that the financial market and analysts are aware of the nature of a firm's discretionary accrual policy, and use their beliefs about the firm's discretionary accrual policy in assessing firm value and deciding whether to follow the firm.