Search results for "premiums"
showing 4 items of 4 documents
Essays On European Natural Gas Market
2018
La presente tesis ha cubierto diferentes aspectos de los mercados europeos del gas natural y la electricidad, en particular algunas propiedades que afectan a la efectividad de la cobertura, como la estacionalidad en varianza y en precios. Asimismo, se ha realizado un estudio de la prima de riesgo del gas natural, su relación con las variables de riesgo y su descomposición en una prima de riesgo de reinversión o ‘rollover’ y una prima de ‘preferencia por liquidez’ relacionada con el plazo. La tesis se compone de tres capítulos: el Capítulo I estudia la estacionalidad en los precios y la volatilidad y cómo mejora la efectividad de la cobertura teniendo en cuenta dicha estacionalidad; el Capít…
Three essays on mergers and acquisitions and earnings management in Europe
2020
The general objective of the thesis is to analyze how bidders include the earnings management (EM) by target firms in M&A negotiations in Europe, particularly when setting the terms of the M&As, such as the bid premiums and the percentage to acquire. Three specific objectives are proposed to achieve that. Firstly, the thesis analyzes the context of M&As in Europe to understand better the European market of corporate control. Secondly, the research examines the relation between the EM of targets and the premiums offered by acquirers, at deal announcements, and the role of the industry relatedness between firms involved in the deal. Thirdly, the study examines the association between the EM o…
Factors influencing premiums and discounts for control in assessing the value of a business
2021
The issues of establishing the amounts of premiums and discounts for control in determining the value of a shareholding and the factors influencing this are among the fundamental problems of business valuation. This is due to the fact that the amount of control premium can significantly affect the market value of an evaluated business or a shareholding. The relevance of this paper lies in the fact that the results obtained in the course of the study can be used to further deepen the understanding of the influence of the degree of control on the valuation of a business (valuation of a shareholding), its characteristics, and factors affecting the size of the control premium. This contributes …