Dissertação(mestrado)- Universidade Federal do Rio Grande, Programa de Pós-Graduação em Geografia, Instituto de Ciências Humanas e da Informação, 2009. / Submitted by Caroline Silva (krol_bilhar@hotmail.com) on 2012-08-10T16:10:09Z No. of bitstreams: 1 dissertacao pedroso.pdf: 25800249 bytes, checksum: 6dad8829dfc67b03d9ea3ce47021e403 (MD5) / Approved for entry into archive by Bruna Vieira(bruninha_vieira@ibest.com.br) on 2012-08-23T15:17:09Z (GMT) No. of bitstreams: 1 dissertacao pedroso.pdf: 25800249 bytes, checksum: 6dad8829dfc67b03d9ea3ce47021e403 (MD5) / Made available in DSpace on 2012-08-23T15:17:09Z (GMT). No. of bitstreams: 1 dissertacao pedroso.pdf: 25800249 bytes, checksum: 6dad8829dfc67b03d9ea3ce47021e403 (MD5) Previous issue date: 2009 / Neste estudo buscamos analisar alguns fatores que consideramos importantes para a formação do município de Seberi-RS. Partimos do pressuposto de que Seberi foi uma área de ocupação tardia dentro do estado do Rio Grande do Sul e, assim, buscamos compreender os motivos que acabaram transformando a porção norte do município de Palmeira das Missões em uma das últimas grandes reservas de terras disponíveis para os projetos de colonização do estado gaúcho. Buscou-se compreender os motivos que proporcionaram a valorização deste espaço, atraindo, assim, grupos de imigrantes de outras regiões do estado e a importante atuação do Estado através da Comissão de Terras e Colonização de Palmeira. E que, num período aproximado de 30 anos, tranformaram o então sertão de Palmeira em uma das áreas de maior densidade demográfica do Rio Grande do Sul. Esta dinâmica popula-cional acabou favorecendo a economia local e influenciando a formação de grupos de pessoas atuantes em cada uma das sedes distritais. Para que pudéssemos compreender a formação do município de Seberi, resgatamos aspectos históricos importantes sobre os agentes/atores que, ao se organizarem, visualizaram a possibilidade de buscar maior autonomia para o desenvolvimento de suas atividades econômicas através da emancipação do distrito de Seberi do município sede, Palmeira das Missões. / In this study we analyzed some factors that we consider important for the formation of a city called Seberi-RS. We started from the estimative that Seberi was an area of delayed occupation inside Rio Grande do Sul State, through this way, we tried to understand the reasons that turned the portion north of the city Palmeira das Missões into one of the last available land reserves for the settling project of the State. We looked for understanding the reasons that had provided the valuation of this space, attracting groups of immigrants from other regions of the state and the important performance of the State through the Land Commission and Settling of Palmeira. Who, during a period about 30 years, had transformed the hinterland Palmeira in one of the areas of bigger demographic density of Rio Grande do Sul. This dynamics population finished favoring the local economy and influencing the formation of groups of people operating in each one of the headquarters districts. For us to understand the formation of Seberi, we rescue important historical aspects on the agents/actors who, organizing themselves, had visualized the possibility to search a greater autonomy for the development of its economic activities through the emancipation of the Seberi district of the headquarter city, Palmeiras das Missões.

A marca, em nossos dias, se tornou imprescindível ferramenta de marketing, ao permitir à empresa obter uma vantagem competitiva sustentável por um período de tempo relativamente longo. Soma-se a isso o fato de que, uma marca bem construída, constitui-se, em alguns casos, no maior patrimônio da empresa, apresentando valores superiores aos dos demais ativos (máquinas, instalações, terrenos e outros). Nesse sentido, em um cenário cada vez mais competitivo, o aprofundamento em questões que envolvam a evolução do conhecimento estabelecido acerca de sua avaliação e da relação existente entre ela e os consumidores ganha importância dentro do marketing contemporâneo. Além disso, a crescente força dos serviços na economia mundial justifica um direcionamento da pesquisa para o setor. Esta tese, diante do exposto, aborda a avaliação de marca e seus modelos, focando-se naqueles baseados no consumidor (de marketing) e no setor de serviços. Sua proposta fundamentou-se em dois objetivos: propor um modelo integrativo de avaliação de marca de serviços baseado no consumidor (de marketing) e verificar sua aceitabilidade por um grupo de executivos de marketing de empresas de serviços. Uma extensa revisão bibliográfica possibilitou conhecer um pouco mais sobre esse assunto ainda pouco explorado no meio acadêmico (quando comparado a outros em marketing). O levantamento teórico abordou temas como modelos, marcas, e serviços. Ênfase especial foi dada ao quesito brand equity e suas variantes (consumidor, econômica e de empresas), com foco no consumidor procedeu-se uma comparação entre os modelos de marketing. Partindo-se das informações coletadas uma proposta de modelo integrativo de avaliação de marcas baseado no consumidor foi apresentada, neste modelo procurou-se apresentar elementos voltados para serviços. A esse modelo batizou-se de Modelo Alvo. Por fim foi conduzida uma pesquisa de cunho exploratório, com um grupo de executivos de empresas do setor de serviços que ocupavam cargos de diretoria e gerência em marketing, buscando verificar a aceitabilidade do modelo integrativo proposto. Essa pesquisa, estritamente qualitativa e sem uso de testes estatísticos, comprovou a não só a aceitabilidade do modelo como também uma possível aderência à prática mercadológica dos executivos entrevistados. / At the present day, brand has become as irreplaceable marketing tool, as it allows enterprises to gain a competitive advantage, which may be sustainable for a relatively extensive period. In addition to that, a well-built brand may rapidly become the enterprise’s main asset, as it bears grater value than the other assets (machinery, plans, real state and so on). In this sense, it is plainly understandable that in a state of the affairs characterized as one of increasing competition, the examination in depth of questions concerning both the furtherance of its acknowledge evaluation, and the actual relationship it keeps up with regular consumers its more and more relevant to contemporary marketing. Besides, the growing importance of services as far as world economy is concerned is a good reason for (re-) directing research procedures to be carried out in this domain. This Doctoral Thesis will focus on an appraisal of brand and its models, mostly by taking into account consumer based brand equity models as well as the service sector. The Thesis aims then at attaining two purposes. The first develop an integrative model for consumer based brand equity and in the second we carried out a thorough investigation of its favorable reception on a group of marketing executives working in the service sector. A far-reaching reappraisal of the existing bibliography made it possible to reach a greater range of information on a poorly explored academic subject (if compared with others marketing studies). The theoretical survey made here bears upon models, brands and services. In addition, we lay a stress on brand equity and on its varying kinds (the one meant for consumers, the economic one and the enterprises variety). Much in the same way, we make a thorough comparison between existing marketing models mostly by focusing on the above-mentioned consumer oriented model. Based on the information gathered we propose a consumer oriented integrative model of brand evaluation, by paying greater attention to elements peculiar to the service sector. We call it Target Model. Lastly, in order to add further strength to the point made we conducted an exploratory research by interviewing a group of Executives in Office of the service sector enterprises, chiefly those who were responsible for Marketing Management. Such research was conducted on a strictly qualitative basis (no statistical results taken into account) as we tried to prove not only that proposed model is entirely acceptable, but also that suits the marketing doings of all those executives we had interviewed.

M.Comm. / Please refer to full text to view abstract

The thesis Valuation of Manchester United Football Club deals with the fundamental differences between the sports club and the usual business in its theoretical part. Further, the basic methods of business valuation are summarized there and also some alternative approaches that are used in practice. We focused mainly on the practical part of the thesis, for which we have chosen Manchester United Football Club. The main reason why we chose this club was primarily due to publicly available information and data about the club as its shares are traded on the NYSE. We conducted both financial and strategic analysis of the club and used the results of the analysis in our own valuation. Then we compared the valuation with market capitalization and alternative valuation according to Forbes. We analyze the differences in conclusion.

Despite extensive research on price and earnings estimations, there are still puzzling results that have not been resolved. One of the puzzles in price estimation is that multiples using earnings forecasts outperform multiples using the residual income model (Liu, Nissim and Thomas, 2002). This puzzle undermines the validity of theory-based valuation models, which are originated from valuation theory and have been developed over the century. The first two projects of this thesis address this puzzle and explain mathematically how the pricing error of a multiple is determined by the correlation coefficient between price and a value driver. The projects then demonstrate that the puzzle in Liu, Nissim and Thomas (2002) is caused by the bad selection of residual income models and, in fact, the majority of residual income models (i.e. well-chosen residual income models) actually outperform multiples using earnings forecasts in pricing error. When models are examined in terms of future return generation, residual income models again outperform multiples using earnings forecasts, providing evidence that theory-based valuation models are superior to rule-of- thumb based multiples in price and intrinsic value estimations. The third project addresses an issue in earnings estimation by cross-sectional models. Recently, Hou, van Dijk and Zhang (2012) and Li and Mohanram (2014) introduce cross-sectional models in earnings estimation and argue that their cross-sectional models produce better earnings forecasts than analyst forecasts. However, their models suffer from one fundamental problem of cross-sectional models: the loss of firm-specific information in earnings estimation (Kothari, 2001). In other words, cross-sectional models apply the same coefficients (i.e. the same earnings persistence and future prospects) to all firms to estimate their earnings forecasts. The third project of this thesis addresses this issue by proposing a new model, a conditional cross-sectional model, which allows the coefficient on earnings to vary across firms. By allowing firms to use different earnings coefficients (i.e. different earnings persistence and future prospects), the project shows that a conditional cross-sectional model improves a cross-sectional model in all dimensions: a) bias, accuracy and earnings response coefficient; b) unscaled and scaled earnings estimations; and c) across all forecast horizons. The thesis contributes to the price and earnings estimations literature. First, the thesis addresses the decade-old puzzle in price estimation and rectifies the previous misunderstanding of valuation model performance. By demonstrating the superiority of theory-based valuation models over rule-of-thumb based multiples, the thesis encourages further development of theory-based valuation models. Second, in earnings estimation, the thesis provides future researchers a new model, which overcomes the fundamental problem of cross-sectional models in earnings estimation while keeping their advantages. In sum, the thesis improves the knowledge and practices of price and earnings estimations.

The aim of this thesis is to calculate the theoretical value of one share of Norwegian Air Shuttle the 31st of December 2016. Supportive information will be collected through a strategic- and financial analysis.

Management’s response to shareholders’ return on investment as a priority occurs in an increasingly dynamic environment. Accompanying these activities is the need to realign responsibilities and to allocate scarce resources effectively. This is done in order to ensure that companies achieve global competitiveness and increase shareholders’ return on investment. Against this backdrop, local industry needs to find new methods or strategies in order to achieve world-class competitiveness, and to be able to access foreign investment. One way to achieve these goals is through Value Based Management (VBM). The objective of this study is to evaluate the strategic intent of Multinational Entities in applying VBM to increase shareholders’ return on investment. Based on the study, certain factors are critical to ensure the success of VBM. A postal survey to managers in the motor manufacturing and component manufacturing companies was conducted to check the managers’ familiarity with VBM, and their scope, and usage of VBM; and, based on the finding, to evaluate the impact of VBM on companies’ results. The empirical finding was compared with a literature review, and the following findings were made: There is a strong understanding and application of the VBM principle on the part of local entities with Foreign Direct Investment (FDI); Departmental performance is critical to an entity’s overall performance; Based on the study, 23 per cent of the respondents use Economic Value Added (EVA) as an internal reporting measure, and an average of 19 per cent use other metrics; A total of 89 per cent of respondents indicated that they strongly agree with the use of incentives for motivation. The above-mentioned points were covered by means of 4-M framework ― that is: Measurement, Management, Motivation, and Mindset.

One of the biggest environmental concerns of a wind turbine is the wind turbine noise (Prospathopoulos and Voutsinas, 2007). This study assesses the noise impacts of wind turbines on the environment by comparing the micro-wind turbine noise to traditional accepted surrounding sounds. The collection of the sound level data was done by using a randomised experiment. The sound level data was then fitted to a General Linear Model to determine the relationship between the sound levels generated at a given site to the time of day, wind speed, wind direction and distance from the sound source. An additional study was conducted to determine the relationship between wind speed and the sound levels of wind turbines. The distribution of frequency components of wind turbine sound was also determined.

The procedure used to sample crown timber before harvesting in B.C. is designed to estimate net volume per ha using systematically located angle-count plots where trees are selected with probability proportional to basal area. The primary purpose of the sample is to provide information for timber valuation and stumpage appraisal. Timber value is the most important population parameter for stumpage calculation, but it is not explicitly considered in the sampling design. The objective of this study was to modify the current sampling method to increase the efficiency for estimating value using model-dependent sampling theory. Eighteen model-dependent sampling strategies were developed from six subsampling methods using three estimators. The six subsampling methods were used to select trees from angle-count plots to estimate the relationship between cruiser-called and estimated tree value. Three subsampling methods used probability-based selection of trees and three methods used purposive-based selection of trees. Ratio, average ratio, and regression estimators were used with each method. The 18 strategies were tested using Monte Carlo simulation with 2000 samples at each of nine sample sizes in three test populations. The test populations were created by grouping angle-count plot data into mutually exclusive sets reflecting different stand characteristics. The sample sizes were n = 20,40, and 60 plots with m = n, 3n, and 5n subsampled trees. Individual tree value was estimated with regression equations that used variables closely related to the value of each species. The sampling strategies were evaluated for bias, sample variance, achieved subsample size, sampling cost, confidence interval coverage, and relative advantage against the current sampling method. The model-dependent subsampling methods using purposive selection of trees were more efficient than the current sampling method considering cost and variance. The purposive-based methods were biased up to about 5%; the probability-based methods were slightly less biased. The two most efficient methods were: i) purposive selection of trees with the highest estimated values in a plot; and ii) purposive selection of trees with estimated values within a given range to give a second-stage sample balanced on the auxiliary variable. The greatest efficiency was always achieved with one sample tree per plot. The current sampling method was unbiased for estimating value but required approximately twice as many plots to estimate value to the same level of precision as net volume. / Forestry, Faculty of / Graduate

Diploma thesis "Business valuation of ZON spol. s r. o." is formed as an expert opinion and its goal is to find a market value for hypothetic sale on the date 31. 12. 2014. Thesis is divided into five parts. The first part is devoted to the description of company. In next parts financial and strategic analyses follow. In the next part value drivers are analysed and planned, which result in completing financial plan of business for years from 2015 to 2020. In the last part ZON spol. s r. o. is valued by DCF APV method using parametric formula for the second phase.