Destination brand equity for Australia : testing a model of CBBE in short haul and long haul markets

The study of destination brand performance measurement has only emerged in earnest as a field in the tourism literature since 2007. The concept of consumer-based brand equity (CBBE) is gaining favour from services marketing researchers as an alternative to the traditional ‘net-present-value of future earnings’ method of measuring brand equity. The perceptions-based CBBE model also appears suitable for examining destination brand performance, where a financial brand equity valuation on a destination marketing organisation’s (DMO) balance sheet is largely irrelevant. This is the first study to test and compare the model in both short and long haul markets. The paper reports the results of tests of a CBBE model for Australia in a traditional short haul market (New Zealand) and an emerging long haul market (Chile). The data from both samples indicated destination brand salience, brand image, and brand value are positively related to purchase intent for Australia in these two disparate markets.

A Simple Accounting-based Valuation Model for the Debt Tax Shield

This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that accounts for the tax benefit that comes from borrowing to raise cash for the operations. The model assumes that the firm maintains a deterministic financial leverage ratio, which tends to converge quickly to typical steady-state levels over time. From a practical point of view, this characteristic is of particular help, because it allows a continuing value calculation at the end of a short forecast period.

A Critical Review of the Implied Cost of Equity: A New Way to Estimate the Expected Return

For the last three decades, the Capital Asset Pricing Model (CAPM) has been a dominant model to calculate expected return. In early 1990% Fama and French (1992) developed the Fama and French Three Factor model by adding two additional factors to the CAPM. However even with these present models, it has been found that estimates of the expected return are not accurate (Elton, 1999; Fama &French, 1997). Botosan (1997) introduced a new approach to estimate the expected return. This approach employs an equity valuation model to calculate the internal rate of return (IRR) which is often called, 'implied cost of equity capital" as a proxy of the expected return. This approach has been gaining in popularity among researchers. A critical review of the literature will help inform hospitality researchers regarding the issue and encourage them to implement the new approach into their own studies.

Principles of investments

"Emphasises asset allocation while presenting the practical applications of investment theory. The authors concentrate on the intuition and insights that will be useful to students throughout their careers as new ideas and challenges emerge from the financial marketplace. It provides a good foundation to understand the basic types of securities and financial markets as well as how trading in those markets is conducted. The Portfolio Management section is discussed towards the end of the course and supported by a web-based portfolio simulation with a hypothetical $100,000 brokerage account to buy and sell stocks and mutual funds. Students get a chance to use real data found in the Wall Street Survivor simulation in conjunction with the chapters on investments. This site is powered by StockTrak, the leading provider of investment simulation services to the academic community. Principles of Investments includes increased attention to changes in market structure and trading technology. The theory is supported by a wide range of exercises, worksheets and problems."--publisher website Contents: Investments: background and issues -- Asset classes and financial markets -- Securities markets -- Managed funds and investment management -- Risk and return: past and prologue -- Efficient diversification -- Capital asset pricing and arbitrage pricing theory -- The efficient market hypothesis -- Bond prices and yields -- Managing bond portfolios -- Equity valuation -- Macroeconomic and industry analysis -- Financial statement analysis -- Investors and the investment process -- Hedge funds -- Portfolio performance evaluation.

Evaluación de la efectividad de la marca LG en el ámbito de la percepción de marca usando una herramienta de simulación computacional

Cuando las empresas evalúan los resultados de su planeación estratégica y de mercadeo se enfrentan en numerosas ocasiones al escepticismo sobre cómo dicha planeación favoreció o afectó la percepción hacia la empresa y sus productos. Este proyecto propone por medio del uso de una herramienta de simulación computacional reducir el factor de incertidumbre de LG Electronics en el valor percibido de marca por la población de Bogotá D.C. en cada una de sus líneas de producto; el grado de inversión en mercadeo, publicidad, distribución y servicio. Para ello los consumidores son modelados como agentes inteligentes con poder de recomendación, quienes se basan principalmente en la experiencia generada por el producto y en el grado de influencia de las estrategias de mercadeo que afectan su decisión de compra, de preferencia y de permanencia. Adicionalmente se mide la retribución en utilidades y en recordación de marca de las inversiones en mercadeo que la compañía realiza.

Metodologías de valoración de empresas

La valoración de una empresa como sistema dinámico es bastante compleja, los diferentes modelos o métodos de valoración son una aproximación teórica y por consiguiente simplificadora de la realidad. Dichos modelos, se aproximan mediante supuestos o premisas estadísticas que nos permiten hacer dicha simplificación, ejemplos de estos, son el comportamiento del inversionista o la eficiencia del mercado. Bajo el marco de un mercado emergente, este proceso presenta de indistinta forma retos paracualquier método de valoración, dado a que el mercado no obedece a los paradigmas tradicionales. Lo anterior hace referencia a que la valoración es aún más compleja, dado que los inversionistas se enfrentan a mayores riesgos y obstáculos. Así mismo, a medida que las economías se globalizan y el capital es más móvil, la valoración tomaráaún más importancia en el contexto citado. Este trabajo de gradopretende recopilar y analizar los diferentes métodos de valoración, además de identificar y aplicar aquellos que se reconocen como “buenas prácticas”. Este proceso se llevó a cabo para una de las empresas más importantes de Colombia, donde fundamentalmente se consideró el contexto de mercado emergente y específicamente el sector petrolero, como criterios para la aplicación del tradicional DCF y el práctico R&V.

Modelos de presupuestación de capital en finanzas corporativas y utilidad de los mismos

La siguiente investigación describe una aproximación teórica al tema de los modelos de presupuestación de capital, el objetivo fundamental se basa en comprender su enfoque e importancia al momento de tomar decisiones de inversión por parte de los directores de una empresa, así como de prever los efectos de esta en un futuro. Al respecto, y sobre la base de que los modelos de presupuestación de capital son herramientas para analizar posibles erogaciones de capital por parte de una empresa, es necesario para efectos del presente proyecto de investigación, definir sus diferentes modelos desde lo teórico y metodológico, explicando los diferentes conceptos relacionados con el tema. Así mismo, se explican algunos de los indicadores financieros utilizados en las compañías para medir y estimar la “salud financiera” de la empresa, además de puntualizar su impacto en la perdurabilidad de las entidades, lo cual permite dar una visión más general sobre la importancia que trasciende de los indicadores financieros, generando un impacto positivo en la evolución o crecimiento de la organización. En complemento, la investigación aborda la presupuestación de capital de manera particular aplicado en la gestión empresarial, sean estas privadas o públicas (estatal y gubernamental). En este sentido, se abordan conceptos elaborados por diferentes académicos en los que se exponen algunas aproximaciones respecto al posible mejoramiento de la presupuestación para los sectores a los que pertenecen determinadas entidades. Finalmente, se presenta de manera explícita las conclusiones que surgieron a lo largo de la construcción del documento de investigación, con el fin de dar cumplimiento concreto al objetivo general del trabajo, el cual constituye una respuesta a la pregunta de investigación que se enunciará en el desarrollo del documento.

The financial and environmental performance of firms exposed to the EU Emissions Trading Scheme

This thesis is an empirical-based study of the European Union’s Emissions Trading Scheme (EU ETS) and its implications in terms of corporate environmental and financial performance. The novelty of this study includes the extended scope of the data coverage, as most previous studies have examined only the power sector. The use of verified emissions data of ETS-regulated firms as the environmental compliance measure and as the potential differentiating criteria that concern the valuation of EU ETS-exposed firms in the stock market is also an original aspect of this study. The study begins in Chapter 2 by introducing the background information on the emission trading system (ETS), which focuses on (i) the adoption of ETS as an environmental management instrument and (ii) the adoption of ETS by the European Union as one of its central climate policies. Chapter 3 surveys four databases that provide carbon emissions data in order to determine the most suitable source of the data to be used in the later empirical chapters. The first empirical chapter, which is also Chapter 4 of this thesis, investigates the determinants of the emissions compliance performance of the EU ETS-exposed firms through constructing the best possible performance ratio from verified emissions data and self-configuring models for a panel regression analysis. Chapter 5 examines the impacts on the EU ETS-exposed firms in terms of their equity valuation with customised portfolios and multi-factor market models. The research design takes into account the emissions allowance (EUA) price as an additional factor, as it has the most direct association with the EU ETS to control for the exposure. The final empirical Chapter 6 takes the investigation one step further, by specifically testing the degree of ETS exposure facing different sectors with sector-based portfolios and an extended multi-factor market model. The findings from the emissions performance ratio analysis show that the business model of firms significantly influences emissions compliance, as the capital intensity has a positive association with the increasing emissions-to-emissions cap ratio. Furthermore, different sectors show different degrees of sensitivity towards the determining factors. The production factor influences the performance ratio of the Utilities sector, but not the Energy or Materials sectors. The results show that the capital intensity has a more profound influence on the utilities sector than on the materials sector. With regard to the financial performance impact, ETS-exposed firms as aggregate portfolios experienced a substantial underperformance during the 2001–2004 period, but not in the operating period of 2005–2011. The results of the sector-based portfolios show again the differentiating effect of the EU ETS on sectors, as one sector is priced indifferently against its benchmark, three sectors see a constant underperformance, and three sectors have altered outcomes.

La Institución Libre de Enseñanza y la arquitectura española de la Edad de Plata (1876-1936)

La tesis doctoral «La Institución Libre de Enseñanza y la arquitectura española de la Edad de Plata (1876-1936)» analiza las relaciones propiciadas por la ILE y la corriente cultural del institucionismo ―identificada desde los primeros años 70 del pasado siglo por el historiador Manuel Tuñón de Lara como crucial en la configuración de la cultura española contemporánea―, con la arquitectura de su tiempo en el marco histórico de la Restauración alfonsina y de la Segunda República. Lo hace desde los cuatro temas que configuran los grandes apartados en los que se estructura y articula el trabajo de investigación. El primero, el de la arquitectura de la escuela, a través del análisis de los escritos sobre la materia de los pedagogos Francisco Giner de los Ríos y Manuel Bartolomé Cossío y su papel en la materialización del edificio escolar. El segundo, el de la geografía madrileña de la ILE a través de un recorrido por las arquitecturas que acogieron su proyecto modernizador, confiado a la moral de la ciencia, a través de los centro por ella impulsados desde la Junta para Ampliación de Estudios e Investigaciones Científicas (JAE), como fueron la Residencia de Estudiantes y su grupo femenino de la Residencia de Señoritas, el Instituto Nacional de Física y Química, el Instituto-Escuela, el Centro de Estudios Históricos o el Instituto Cajal. El tercero, la renovación de la cultura arquitectónica española promovida a través de la política de pensiones de la JAE en el extranjero, de las actividades de extensión universitaria desarrolladas por la Residencia de Estudiantes en el ámbito de la arquitectura o por personas identificadas con su ideario. Y el cuarto, a través de la nueva valoración patrimonial de los monumentos arquitectónicos y de los paisajes españoles alentada por la práctica pedagógica del excursionismo y por los escritos de Francisco Giner de los Ríos y Manuel Bartolomé Cossío, que culmina con la promulgación de la Ley del Tesoro Artístico Nacional de 1933. El trabajo plantea una historia coral, donde tienen cabida arquitectos, pedagogos, políticos, historiadores del arte, críticos de arte y arquitectura de cuatro generaciones distintas: desde Ricardo Velázquez Bosco, coetáneo de Francisco Giner de los Ríos, a Arturo Sáenz de la Calzada, colegial de la Residencia de Estudiantes durante los años treinta y activo miembro de la Federación Universitaria Escolar, pasando por Carlos Velasco, Antonio Flórez Urdapilleta, Pablo Gutiérrez Moreno, Bernardo Giner de los Ríos, Leopoldo Torres Balbás, Carlos Arniches Moltó, Martín Domínguez Esteban, Fernando García Mercadal o Matilde Ucelay, en el caso de los arquitectos; Francisco Giner de los Ríos, Manuel Bartolomé Cossío, José Castillejo o Alberto Jiménez Fraud, entre los pedagogos; Segismundo Moret, Álvaro de Figueroa, Fernando de los Ríos o Marcelino Domingo, entre los políticos; Manuel Gómez-Moreno, Ricardo de Orueta o Emilio Camps Cazorla, entre los historiadores del arte; Javier de Winthuysen como jardinero o José Moreno Villa a través de su papel como crítico de arquitectura a favor del arte nuevo. Para ello, se ha partido del análisis y la interpretación de las arquitecturas de matriz institucionista a través de fuentes muy diversas, entre ellas un nutrido corpus de imágenes como complemento iconográfico fundamental en la articulación del discurso narrativo, que ha permitido situar a los temas analizados y sus protagonistas en su contexto histórico y disciplinar. Todo ello ha puesto de manifiesto el papel asumido por la Institución Libre de Enseñanza como un laboratorio de ideas y proyectos clave en la configuración de la cultura arquitectónica española del primer tercio del siglo XX. ABSTRACT The doctoral thesis «La Institución Libre de Enseñanza y la arquitectura española de la Edad de Plata (1876-1936)» analyzes the relationships fostered by the ILE and the cultural current «institucionismo» ―identified from the early '70s by the historian Manuel Tuñón de Lara as cardinal in shaping the contemporánea Spanish culture―, with the architecture of his time in the historical context of the Restoration and the Second Republic periods. This is done from the four themes that make up the major sections in which the research is structured and articulated. The first, the architecture of the school building, through the analysis of the writings on the subject of pedagogues Francisco Giner and Manuel Bartolomé Cossío and its role in the materialization of the school building. The second, the geography of the ILE in Madrid through a tour of the architectures that supported its modernizing project, entrusted to the moral of science, through the centers promoted by the Junta para Ampliación de Estudios e Investigaciones Científicas (JAE), as the Residencia de Estudiantes and its girls group Residencia de Señoritas, Instituto Nacional de Física y Química, Instituto-Escuela, Centro de Estudios Históricos or Instituto Cajal. The third, the renewal of the Spanish architectural culture promoted through JAE pension abroad, the university extension activities developed by the Residencia de Estudiantes in the field of architecture or people identified with its ideology. And the fourth, through new equity valuation of architectural monuments and the Spanish landscapes encouraged by the pedagogical practice of excursionism and by the writings of Francisco Giner de los Ríos and Manuel Bartolomé Cossío, culminating in the enactment of the Ley del Tesoro Artístico Nacional in 1933. The work raises a choral history, where have place architects, educators, politicians, art historians, art and architecture critics of four distinct generations: from Ricardo Velázquez Bosco, a contemporary of Francisco Giner, Arturo Sáenz de la Calzada, schoolboy student residence during the thirties and active member of the Federación Universitaria Escolar, through Carlos Velasco, Antonio Flórez Urdapilleta, Pablo Gutiérrez Moreno, Bernardo Giner, Leopoldo Torres Balbás, Carlos Arniches Moltó, Martín Domínguez Esteban, Fernando García Mercadal or Matilde Ucelay, in the case of architects; Francisco Giner, Manuel Bartolomé Cossío, José Castillejo and Alberto Jiménez Fraud, among teachers; Segismundo Moret, Álvaro de Figueroa, Fernando de los Ríos and Marcelino Domingo, among politicians; Manuel Gómez-Moreno, Ricardo de Orueta or Emilio Camps Cazorla, including art historians; Javier de Winthuysen as gardener and José Moreno Villa through his role as architecture critic for the new art. To do this, the origin point has been the analysis and interpretation of the «institucionista» architectures through a variety of sources, including a large corpus of iconographic images as a fundamental complement to the articulation of the narrative, which has allowed place the issues discussed and its protagonists in their historical context and discipline. This has highlighted the role played by the Institución Libre de Enseñanza as a laboratory of ideas and projects and key in shaping the Spanish architectural culture of the early twentieth century.

Relevância dos impostos diferidos : caso das empresas cotadas em Portugal

Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais

Monte Carlo valuation of worst-of auto-callable equity swaps

This thesis proposes a Monte Carlo valuation method for Worst-of Auto-callable equity swaps. The valuation of this type of swap usually requires complex numerical methods which are implemented in “black-box” valuation systems. The method proposed is an alternative benchmark tool that is relatively simple to implement and customize. The performance of the method was evaluated according to the variance and bias of the output and to the accuracy when compared to a leading valuation system in the market.

A-REIT seasoned equity offerings : determinants and market reaction

The paper examines the decision by Australian Real Estate Trusts (A-REITs) to issue seasoned equity offerings from 2000 - 2008 and stock market reaction to the offerings using panel data and event study methodologies, respectively. The global financial crisis has resulted in freezing of the Australian bond markets, with several A-REITs left with seasoned equity issuance and asset sales as the only viable modes of raising additional capital. The findings review that leverage and operating risk are negative significant determinants of seasoned equity offerings; profitability and growth opportunities are positive significant determinants. Of the structure and type of properties held by the A-REIT, only stapled management structure and international operations are significant determinants. Type of properties held by A-REITs show inconsistent results. Similar to previous studies of seasoned equity offerings, we find a significant negative abnormal return associated with their announcement and no evidence of excessive leakage of information. Cross-sectional regressions show that the issued amount raised and leverage are significant factors affecting abnormal returns.

Determinants and market impact of seasoned equity offerings : the case of A-REITs

The paper examines the decision by Australian Real Estate Trusts (A-REITs) to issue seasoned equity offerings from 2000 - 2008 and stock market reaction to the offerings. The findings reveal that highly leveraged A-REITs with variable earnings are less likely to issue seasoned equity offerings. Inconsistent results for structure and type of properties held by the A-REIT do not allow for inference to be drawn. Similar to previous studies of seasoned equity offerings, we find a significant negative abnormal return associated with their announcement and no evidence of excessive leakage of information. Furthermore, market reaction differences to announcements of SEOs for the pre-global financial crisis (GFC) (2000-2006) and GFC eras (2007-2008) are noted with GFC era shareholders incurring larger abnormal return losses at 1.13% in comparison to the pre-GFC era shareholder loss of 0.34% on the SEO announcement day. Cross-sectional regressions show that the issued amount, leverage and profitability are significant factors affecting abnormal returns. Growth opportunities, tangibility, operating risk, size of A-REIT and other variables capturing A-REIT structure and property types held do not have an impact on abnormal returns

Valuing brand equity of a geographic region

There is much anecdotal evidence and academic argument that the location of a business influences its value. That is, some businesses appear to be worth more than others because of their location. This is particularly so in the tourism industry. Within the domain of the destination literature, many factors can be posited on why business valuation varies, ranging from access to markets, availability of labor, climate, and surrounding services. Given that business value is such a fundamental principle that underpins the viability of the tourist industry through its relationship with pricing, business acquisition, and investment, it is surprising that scant research has sought to quantify the relative premium associated with geographic locations. This study proposes a novel way in which to estimate geographic brand premium. Specifically, the approach translates valuation techniques from financial economics to quantify the incremental value derived from businesses operating in a particular geographic region, and produces a geographic brand premium. The article applies the technique to a well-known tourist destination in Australia, and the results are consistent with a positive value of brand equity in the key industries and are of a plausible order of magnitude. The article carries strong implications for business and tourism operators in terms of valuation, pricing, and investment, but more generally, the approach is potentially useful to local authorities and business associations when deciding how much resource and effort should be devoted to brand protection.