Abstract: There exists extreme difficulties while trying to valuate, using traditional valuation methods, startup firms which are dedicated to technological development. Among those methods, we could mention the balance sheet-based ones, the relative valuation ones, the cash flow discounting-based ones, and the goodwill-based ones. Those difficulties are the absence of comparable companies, the inexistence of historical data, the complexity to estimate volatility, and the number of intangible assets which give worth to the firm. This paper proposes to valuate this type of entrepreneurships using real options theory making adjustments that allow us to abandon the assumption of normal returns. Methodologically, we use real options theory adapted through Edgeworth expansion. It allows abandoning the probability of normal distribution assumption incorporating higher moments such us asymmetry and kurtosis. Obtained results let us show how the firm’s value and its strategic options are affected by stochastic higher moments’ behavior. These are often not considered because of assuming a normal behavior related to a random path of the underlying assets.

Abstract: This work aimed the analysis of the volume of disbursement done in the environment function by the Brazilian federation members, within 2002 and 2011. To do so, vertical and horizontal analysis of the expenses with Environmental Management and its subfunctions have been done. It was noticed that there was an increase of expenses in the environmental area in the period, but there was decrease of representativeness, since the expansion did not occur according to the growth rate of the total expense. On average, the expenditure concerning environmental issues in relation to the average total expense of the states decreased in the period. The Environmental Management of the states that had the biggest representativeness in the period were the ones that least kept regularity in disbursement in relation to the average. The country presented increase of Environmental Management expenses in the period and tendency to keep on growing, though its representativeness is insignificant if compared to the total expense. It is concluded that, in spite of the fact that Environmental preservation and conservation are subjects very talked about today, it is verified that, financially, little is done to favor the effectuation of the environmental protection in Brazil, since the participation of the environmental management was small, fact evinced in the analysis results.

Abstract: This study investigates the short run and long run relationship of returns for cross listed stocks on two non-synchronous international markets using daily data for the period from Jan 2001 to May 2012. Further, the co-movements of prices and causal relationships on ADRs of Indian stocks pertaining to telecommunication sector cross listed in the US markets is examined by applying Cointegration test, Granger causality testand Vector Error Correction Model. Results indicate that in the long run, domestic stock price series and ADR prices are cointegrated. In the short run, error correction coefficients of ADR opening prices and closing prices are statistically significant. But there persists a weak short run relationship in the domestic stock opening and closing price. Due to the weak relationship in the domestic stock opening and closing price, multimarket listing generates opportunities for arbitrage. As a result of this, the pace of global market integration gets reduced in developing markets like India due to information asymmetry.

Abstract: This paper seeks to determine the extent of knowledge about gift tax in Ghana using the Accra-Tema Metropolis as a sample population. It further seeks to ascertain the extent of compliance with Gift Tax in Ghana. If the level of compliance is low, then to find out reasons for non compliance in order to ascertain the applicability of Fischer’s tax compliance model in Ghana. Finally, the paper aims at contributing to the very scanty literature on tax compliance in Ghana. In order to achieve the above objective, the researcher used a direct method of measuring tax compliance, which involves the use of direct surveys of taxpayer behavior. Furthermore, a cross sectional data on individual tax returns filed for the years of assessment 2009 to 2012 was also used. The results indicate a very low awareness rate of Gift Tax; consequently, the compliance rate is also very low. The respondents cited lack of knowledge as the main reason for failing to comply with the tax. Educational level and the low detection rate were the other principal factors cited for non-compliance. The Fischer tax compliance model was thus accepted as explaining the non compliance nature.

Abstract: Ghana’s economy has experienced a windfall of merger and acquisition activity recently. This has necessitated several structural changes in the operations of the companies involved. One of the acquisitions that occurred in Ghana was between Guinness Ghana Limited (GGL) and Ghana Breweries Limited (GBL) in 2004. Using the pre and post-acquisition performance of the acquirer from financial statement information running from 1999 to 2009, the impact of the merger on the profitability and financial performance on the acquirer is examined. The growth rate implications for the merged firm are also examined by considering both the sustainable and internal growth rates. The results indicate a general downward trend in profitability after the acquisition. Generally, liquidity ratios increased during the post-acquisition period but plummeted in the last two years post-acquisition. Earnings per share and dividend per share increased continuously except in one year, where it fell marginally.