A marketingeszközök és –tevékenységek részvényesi értékre gyakorolt hatása (The effect of marketing assets and activities on shareholder value)

A vállalati marketing pénzügyi teljesítményre, különösen részvényesi értékre gyakorolt hatásának kimutatása mind fontosabbá válik a marketingráfordítások nagyságának növekedésével, valamint annak felismerésével, hogy a részvényesek számára vevői érték nélkül nem lehet hosszú távon értéket biztosítani, azonban kedvező piaci eredményekkel sem feltétlenül valósul meg a pénzügyi teljesítmény növekedése. A szerzők tanulmányukban a marketingeszközök és -tevékenységek részvényesi értékre gyakorolt hatását vizsgálják, rámutatnak arra, hogy milyen módon befolyásolhatják a részvényeseket megillető szabad pénzáramot, a tulajdonosi megtérülést, a stratégiai tervezési időhorizontot és a végértéket. A marketing néhány lehetséges negatív hatását is kiemelik. Ezt követően felvázolják a marketingjellegű beruházások reálopciós karakterisztikáit, valamint játékelméleti összefüggéseit dinamikusan változó környezetben. ________ Proving the effect of corporate marketing on financial performance, especially on shareholder value, becomes more and more important as marketing expenditures increase. Furthermore by the recognition that for shareholders without customer value it is not possible to provide value in the long run, however, neither good market results can assure the growth of financial performance. In this paper the authors examine the effect of marketing assets and activities on shareholder value, they point out how these can influence free cash flow to equity, shareholder return, strategic planning time period and terminal value. They emphasize also some possible negative effects of marketing. The authors outline the real optional characteristics of marketing investments and their game theoretical relations in dynamic environment.

Agency, Financial Flexibility, and Firm Value: Evidence from REITs

We show empirically that the use of unsecured debt, whose standard covenants commit management to the preservation of debt capacity, leads to lower and more stable leverage. We then show that firm value is sensitive to leverage levels and leverage stability, decreasing in the former and increasing in the latter. Our results support a liquidity-centric version of Jensen's (1986) free cash flow argument. In this version, self-serving managerial tendencies are reigned in without raising leverage indiscriminately, so that financial flexibility is preserved.

There exists circularity between WACC and value? Another solution.

Although we know there exists a simple approach to solve the circularity between value and the discount rate, known as the Adjusted Present Value proposed by Myers, 1974, it seems that practitioners still rely on the traditional Weighted Average Cost of Capital, WACC approach of weighting the cost of debt, Kd and the cost of equity, Ke and discounting the Free Cash Flow, FCF. We show how to solve circularity when calculating value with the free cash flow, FCF and the WACC. As a result of the solution we arrive at a known solution when we assume the discount rate of the tax equity: the capital cash flow, CCF discounted at Ku. When assuming Kd as the discount rate for the tax savings, we find an expression for calculating value that does not implies circularity. We do this for a single period and for N periods.

Efeitos da fusão num grupo grupo de empresas do mesmo setor

Mestrado em Controlo de Gestão e dos Negócios

Equity research - Brisa

Mestrado em Finanças

Equity research – CTT Correios de Portugal, S.A.

Dissertação de Mestrado, Gestão Empresarial, Faculdade de Economia, Universidade do Algarve, 2016

Equity Research - Luz Saúde

Mestrado em Finanças

Determinants Of Firm Terminal Value: The Perspective Of North American And European Financial Analysts

Company valuation models attempt to estimate the value of a company in two stages: (1) comprising of a period of explicit analysis and (2) based on unlimited production period of cash flows obtained through a mathematical approach of perpetuity, which is the terminal value. In general, these models, whether they belong to the Dividend Discount Model (DDM), the Discount Cash Flow (DCF), or RIM (Residual Income Models) group, discount one attribute (dividends, free cash flow, or results) to a given discount rate. This discount rate, obtained in most cases by the CAPM (Capital asset pricing model) or APT (Arbitrage pricing theory) allows including in the analysis the cost of invested capital based on the risk taking of the attributes. However, one cannot ignore that the second stage of valuation that is usually 53-80% of the company value (Berkman et al., 1998) and is loaded with uncertainties. In this context, particular attention is needed to estimate the value of this portion of the company, under penalty of the assessment producing a high level of error. Mindful of this concern, this study sought to collect the perception of European and North American financial analysts on the key features of the company that they believe contribute most to its value. For this feat, we used a survey with closed answers. From the analysis of 123 valid responses using factor analysis, the authors conclude that there is great importance attached (1) to the life expectancy of the company, (2) to liquidity and operating performance, (3) to innovation and ability to allocate resources to R&D, and (4) to management capacity and capital structure, in determining the value of a company or business in long term. These results contribute to our belief that we can formulate a model for valuating companies and businesses where the results to be obtained in the evaluations are as close as possible to those found in the stock market

Determinants of Terminal Value in the Evaluation of Companies: A Panel Data Approach to the Context of European Companies.

The uncertainty of the future of a firm has to be modelled and incorporated into the evaluation of companies outside their explicit period of analysis, i.e., in the continuing or terminal value considered within valuation models. However, there is a multiplicity of factors that influence the continuing value of businesses which are not currently being considered within valuation models. In fact, ignoring these factors may cause significant errors of judgment, which can lead models to values of goodwill or badwill, far from the substantial value of the inherent assets. Consequently, these results provided will be markedly different from market values. So, why not consider alternative models incorporating life expectancy of companies, as well as the influence of other attributes of the company in order to get a smoother adjustment between market price and valuation methods? This study aims to provide a contribution towards this area, having as its main objective the analysis of potential determinants of firm value in the long term. Using a sample of 714 listed companies, belonging to 15 European countries, and a panel data for the period between 1992 and 2011, our results show that continuing value cannot be regarded as the current value of a constant or growth perpetuity of a particular attribute of the company, but instead be according to a set of attributes such as free cash flow, net income, the average life expectancy of the company, investment in R&D, capabilities and quality of management, liquidity and financing structure.

Análisis financiero de la empresa Cementos Argos de Colombia S.A y el sector cementero en Colombia

A partir del 2010, el sector cementero en Colombia experimentó un crecimiento en sus ventas que lo ha posicionado como uno de los sectores más rentable en el país. Esta oportunidad de crecimiento ha permitido que Cementos Argos de Colombia se convirtiera en la empresa líder del sector. Expandiéndose así a mercados internacionales teniendo presencia en países de Centroamérica y Estados Unidos. Por lo tanto es necesario indagar las implicaciones que han tenido los cambios en el sector en las finanzas de la empresa. Para tal fin, se realiza el presente trabajo, que busca determinar de qué manera Cementos Argos de Colombia usa sus recursos para ser una de las empresas del sector mejor posicionada a pesar del crecimiento del mismo y la fuerte competencia que existente. Para esto, se estableció el análisis financiero de Cementos Argos de Colombia, diferentes herramientas e indicadores financieros que ayudaron a identificar, analizar, describir y evaluar los aspectos claves que garantizan el éxito de la empresa.

Perfil logístico de Volkswagen desde la producción

Este análisis muestra detalladamente la línea de producción de la planta de Volkswagen, ubicada en México en el estado de Puebla. Se describe la capacidad operativa utilizada para satisfacer la demanda de la planta de producción de automóviles más grande de Latinoamérica, siendo clave para mantenerse en el mercado con estándares de calidad altos y contribuir al desarrollo de la economía del país. Asimismo, a nivel regional, esta planta se abastece de proveedores estratégicos ubicados en una zona cercana, ayudando a disminuir costos de transporte de piezas y tiempos de respuesta. Inicialmente se realiza una breve descripción del entorno económico de la empresa a nivel regional y del sector a nivel global para hacer énfasis en lo competitivo que es el mercado de la producción de automóviles. Posteriormente se describe la finalidad que tiene esta misión empresarial soportada por la Universidad del Rosario, donde se afianzan conocimientos importantes sobre un mercado de talla mundial. El siguiente aspecto es un diagnóstico de la empresa, donde se dan a conocer las marcas que hacen parte del grupo Volkswagen y la situación financiera que refleja la marca desde el 2012, revelando los ingresos obtenidos durante el período 2012-2014, gastos operacionales y factores que no se destacan positivamente como un flujo de caja negativo para el 2014. Posteriormente se plasman los conceptos teóricos necesarios para que el lector comprenda las variables inmersas en una planta de producción, destacando la teoría de colas y el diseño del layout de la empresa. Finalmente, se da una descripción detallada del proceso de producción en esta planta, donde se muestra la línea de producción, el ensamble y la importancia de un sistema operativo interno que depende principalmente de una alta inversión de tecnología e ingeniería que permite obtener un mayor beneficio en cada etapa del proceso.

Jacobian-free Newton-Krylov methods with GPU acceleration for computing nonlinear ship wave patterns

The nonlinear problem of steady free-surface flow past a submerged source is considered as a case study for three-dimensional ship wave problems. Of particular interest is the distinctive wedge-shaped wave pattern that forms on the surface of the fluid. By reformulating the governing equations with a standard boundary-integral method, we derive a system of nonlinear algebraic equations that enforce a singular integro-differential equation at each midpoint on a two-dimensional mesh. Our contribution is to solve the system of equations with a Jacobian-free Newton-Krylov method together with a banded preconditioner that is carefully constructed with entries taken from the Jacobian of the linearised problem. Further, we are able to utilise graphics processing unit acceleration to significantly increase the grid refinement and decrease the run-time of our solutions in comparison to schemes that are presently employed in the literature. Our approach provides opportunities to explore the nonlinear features of three-dimensional ship wave patterns, such as the shape of steep waves close to their limiting configuration, in a manner that has been possible in the two-dimensional analogue for some time.

Unsteady mixed convection on the stagnation-point flow adjacent to a vertical plate with a magnetic field

An analysis is performed to study the unsteady combined forced and free convection flow (mixed convection flow) of a viscous incompressible electrically conducting fluid in the vicinity of an axisymmetric stagnation point adjacent to a heated vertical surface. The unsteadiness in the flow and temperature fields is due to the free stream velocity, which varies arbitrarily with time. Both constant wall temperature and constant heat flux conditions are considered in this analysis. By using suitable transformations, the Navier-Stokes and energy equations with four independent variables (x, y, z, t) are reduced to a system of partial differential equations with two independent variables (eta, tau). These transformations also uncouple the momentum and energy equations resulting in a primary axisymmetric flow, in an energy equation dependent on the primary flow and in a buoyancy-induced secondary flow dependent on both primary flow and energy. The resulting system of partial differential equations has been solved numerically by using both implicit finite-difference scheme and differential-difference method. An interesting result is that for a decelerating free stream velocity, flow reversal occurs in the primary flow after certain instant of time and the magnetic field delays or prevents the flow reversal. The surface heat transfer and the surface shear stress in the primary flow increase with the magnetic field, but the surface shear stress in the buoyancy-induced secondary flow decreases. Further the heat transfer increases with the Prandtl number, but the surface shear stress in the secondary flow decreases.

Double diffusive unsteady free convection on two-dimensional and axisymmetric bodies in a porous medium

The unsteady laminar free convection flow of an incompressible electrically conducting fluid over two-dimensional and axisymmetric bodies embedded in a highly porous medium with an applied magnetic field has been studied. The unsteadiness in the flow field is caused by the variation of the wall temperature and concentration with time. The coupled nonlinear partial differential equations with three independent variables have been solved numerically using an implicit finite-difference scheme in combination with the quasilinearization technique. It is observed that the skin friction, heat transfer and mass transfer increase with the permeability parameter but decrease with the magnetic parameter. The results are strongly dependent on the variation of wall temperature and concentration with time. The skin friction and heat transfer increase or decrease as the buoyancy forces from species diffusion assist or oppose the thermal buoyancy force. However, the mass transfer is found to be higher for small values of the ratio of the buoyancy parameters than for large values

Turbulent flow structure in experimental laboratory wind-generated gravity waves

This paper is the third part of a report on systematic measurements and analyses of wind-generated water waves in a laboratory environment. The results of the measurements of the turbulent flow on the water side are presented here, the details of which include the turbulence structure, the correlation functions, and the length and velocity scales. It shows that the mean turbulent velocity profiles are logarithmic, and the flows are hydraulically rough. The friction velocity in the water boundary layer is an order of magnitude smaller than that in the wind boundary layer. The level of turbulence is enhanced immediately beneath the water surface due to micro-breaking, which reflects that the Reynolds shear stress is of the order u *w 2. The vertical velocities of the turbulence are related to the relevant velocity scale at the still-water level. The autocorrelation function in the vertical direction shows features of typical anisotropic turbulence comprising a large range of wavelengths. The ratio between the microscale and macroscale can be expressed as λ/Λ=a Re Λ n, with the exponent n slightly different from -1/2, which is the value when turbulence production and dissipation are in balance. On the basis of the wavelength and turbulent velocity, the free-surface flows in the present experiments fall into the wavy free-surface flow regime. The integral turbulent scale on the water side alone underestimates the degree of disturbance at the free surface. © 2012 Elsevier B.V.